By Cristal Cody
Tupelo, Miss., Aug. 22 – Monroe Capital Management, LLC priced $357.84 million of notes due Oct. 15, 2026 in a middle market-backed collateralized loan obligation deal, according to market sources.
Monroe Capital CLO 2014-1 Ltd./Monroe Capital CLO 2014-1 LLC sold $137 million of class A-1 floating-rate notes (Aaa/AAA/) at Libor plus 180 basis points.
The CLO also sold $40 million of class A-2 floating-rate notes (Aaa/AAA/); $42.25 million of class B-1 floating-rate notes (Aa2); $7 million of class B-2 fixed-rate notes (Aa2); $34.5 million of class C deferrable floating-rate notes (A2); $27 million of class D deferrable floating-rate notes (Baa3); $20 million of class E deferrable floating-rate notes (Ba2) and $50.09 million of subordinated notes.
Deutsche Bank Securities Inc. arranged the transaction.
Monroe Capital Management will manage the CLO.
The CLO has a two-year non-call period and a four-year reinvestment period.
The offering is collateralized mainly by small and medium enterprise and broadly syndicated senior secured corporate loans.
The Chicago-based middle market commercial lending firm is an affiliate of Monroe Capital LLC.
| Issuer: | Monroe Capital CLO 2014-1 Ltd./Monroe Capital CLO 2014-1 LLC
|
| Amount: | $357.84 million
|
| Maturity: | Oct. 15, 2026
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Deutsche Bank Securities Inc.
|
| Manager: | Monroe Capital Management, LLC
|
| Call feature: | 2016
|
| Pricing date: | Aug. 21
|
| Settlement date: | Sept. 14
|
|
|
| Class A-1 notes
|
| Amount: | $137 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $40 million
|
| Securities: | Floating-rate notes
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $42.25 million
|
| Securities: | Floating-rate notes
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B-2 notes
|
| Amount: | $7 million
|
| Securities: | Fixed-rate notes
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | $34.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $27 million
|
| Securities: | Deferrable floating-rate notes
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $20 million
|
| Securities: | Deferrable floating-rate notes
|
| Rating: | Moody’s: Ba2
|
|
|
| Equity tranche
|
| Amount: | $50.09 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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