By Cristal Cody
Tupelo, Miss., April 9 – Ivy Hill Asset Management LP priced $1,009,500,000 of notes due April 18, 2030 in the Ivy Hill Middle Market Credit Fund XIV Ltd./Ivy Hill Middle Market Credit Fund XIV LLC transaction on Friday, according to a market source.
The CLO sold $560 million of class A-1 floating-rate notes at Libor plus 126 basis points; $130 million of class A-2 floating-rate notes at Libor plus 170 bps; $72.5 million of class B floating-rate notes at Libor plus 235 bps; $62.5 million of class C floating-rate notes at Libor plus 345 bps; $75 million of class D floating-rate notes at Libor plus 750 bps and $109.5 million of subordinated notes.
Morgan Stanley & Co. LLC was the placement agent.
Ivy Hill Asset Management will manage the CLO, which has a two-year non-call period and a four-year reinvestment period.
The CLO is collateralized primarily by middle-market senior secured term loans, cash and eligible investments.
Proceeds from the deal will be used to purchase a portfolio of mainly senior secured middle-market loans.
Ivy Hill Asset Management is a New York-based portfolio company of Ares Capital Corp.
| Issuer: | Ivy Hill Middle Market Credit Fund XIV Ltd./Ivy Hill Middle Market Credit Fund XIV LLC
|
| Amount: | $1,009,500,000
|
| Securities: | Floating-rate and subordinated notes
|
| Maturity: | April 18, 2030
|
| Structure: | Middle-market CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | GC Investment Management LLC
|
| Call feature: | Two years
|
| Pricing date: | April 6
|
| Settlement date: | May 1
|
|
|
| Class A-1 notes
|
| Amount: | $560 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 126 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $130 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | S&P: AA
|
|
|
| Class B notes
|
| Amount: | $72.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 235 bps
|
| Rating: | S&P: A
|
|
|
| Class C notes
|
| Amount: | $62.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 345 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D notes
|
| Amount: | $75 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 750 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $109.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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