By Cristal Cody
Tupelo, Miss., April 3 – MidOcean Credit Fund Management LP priced $368.5 million of notes due April 15, 2027 in a first refinancing of a vintage 2015 collateralized loan obligation deal, according to a market source and a notice of revised proposed first supplemental indenture on Monday.
MidOcean Credit CLO IV/MidOcean Credit CLO IV LLC placed $251.5 million of class A-R floating-rate notes at Libor plus 80 basis points; $48.5 million of class B-R floating-rate notes at Libor plus 125 bps; $29.75 million of class C-R floating-rate notes at Libor plus 165 bps; $20.75 million of class D-R floating-rate notes at Libor plus 285 bps and $18 million of class E-R floating-rate notes at Libor plus 530 bps.
Barclays was the refinancing placement agent.
MidOcean Credit Fund Management is the CLO manager.
The refinanced CLO has an extended nine-month non-call period.
The $411 million CLO originally was issued on March 12, 2015. The CLO priced $251.5 million of class A floating-rate notes at Libor plus 155 bps; $48.5 million of class B floating-rate notes at Libor plus 245 bps; $29.75 million of class C floating-rate notes at Libor plus 325 bps; $20.75 million of class D floating-rate notes at Libor plus 390 bps; $18 million of class E floating-rate notes at Libor plus 540 bps; $10.5 million of class F floating-rate notes at Libor plus 700 bps and $32 million of income notes.
Proceeds will be used to redeem the original class A, B, C, D and E notes.
The affiliate of New York City-based private equity firm MidOcean Partners priced one new CLO and refinanced one CLO transaction in 2017.
| Issuer: | MidOcean Credit CLO IV/MidOcean Credit CLO IV LLC
|
| Amount: | $368.5 million refinancing
|
| Maturity: | April 15, 2027
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| Securities: | Floating-rate notes
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| Structure: | Cash flow CLO
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| Refinancing agent: | Barclays
|
| Manager: | MidOcean Credit Fund Management LP
|
| Call feature: | To but excluding the payment date in January 2019
|
| Settlement date: | April 16
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-R notes
|
| Amount: | $251.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 80 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
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| Amount: | $48.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 125 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
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| Amount: | $29.75 million
|
| Securities: | Floating-rate notes
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| Coupon: | Libor plus 165 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
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| Amount: | $20.75 million
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| Securities: | Floating-rate notes
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| Coupon: | Libor plus 285 bps
|
| Rating: | S&P: BBB
|
|
|
| Class E-R notes
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| Amount: | $18 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 530 bps
|
| Rating: | S&P: BB
|
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