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Ivy Hill Asset Management to refinance $391.96 million vintage 2015 middle-market CLO
By Cristal Cody
Tupelo, Miss., July 6 – Ivy Hill Asset Management, LP plans to price $391.96 million of notes in a refinancing and reset of a vintage 2015 middle-market collateralized loan obligation transaction, a source said.
Ivy Hill Middle Market Credit Fund X, Ltd. plans to price $2 million of class X-R floating-rate notes (/AAA/); $221.4 million of class A-1a-R floating-rate notes (/AAA/); $14 million of class A-1b-R floating-rate notes (/non-rated/); $28.3 million of class A-2-R floating-rate notes (/AA/); $33.3 million of class B-R floating-rate notes (/A/); $13.9 million of class C-R floating-rate notes (/BBB-/); $25 million of class D-R floating-rate notes (/BB-) and $54.06 million of subordinated notes.
Natixis Securities Americas LLC is the refinancing placement agent.
Ivy Hill Asset Management will continue to manage the CLO.
The maturity on the notes, originally due July 24, 2027, will be extended to July 18, 2030.
The reset CLO has an extended 1.5-year non-call period and two-year reinvestment period.
The CLO was originally issued in a $384.65 million transaction on July 24, 2015. The CLO had priced $207.3 million of class A-1 floating-rate notes at Libor plus 175 basis points; $44.1 million of class A-2A floating-rate notes at Libor plus 255 bps; $5 million of 4.52% class A-2B fixed-rate notes; $28 million of class B floating-rate notes at Libor plus 340 bps; $27 million of class C floating-rate notes at Libor plus 425 bps; $23 million of class D-1 floating-rate notes at Libor plus 600 bps; $6.2 million of class D-2 floating-rate notes at Libor plus 730 bps and $44.05 million of subordinated notes.
Proceeds will be used to redeem the original notes on July 18.
The deal is backed by senior secured loans to middle market obligors.
Ivy Hill is a New York-based subsidiary of Ares Capital Corp.
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