Chicago, March 18 – Bain Capital Credit Ltd. repriced seven classes of notes for €327.63 million from the Newhaven CLO DAC offering, according to a release.
The CLO was first issued in 2014 and last refinanced in February 2017.
The maturity date for the refinancing notes has been extended for Feb. 15, 2034.
The refinancing of the rated notes includes €3 million of class X-R senior secured floating-rate notes at Euribor plus 30 basis points, €217 million of class A-R senior secured floating-rate notes at Euribor plus 90 bps and €29.05 million of class B-R senior secured floating-rate notes at Euribor plus 155 bps.
Lower in the portfolio there are €21.7 million of class C-R senior secured deferrable floating-rate notes at Euribor plus 245 bps, €26.25 million of class D-R senior secured deferrable floating-rate notes at Euribor plus 355 bps, €21 million of class E-R senior secured deferrable floating-rate notes at Euribor plus 620 bps and €9.625 million of class F-R senior secured deferrable floating-rate notes at Euribor plus 900 bps.
At the last refinancing, the CLO sold €1.5 million of class X senior secured floating-rate notes at Euribor plus 80 bps, €205.9 million of class A-1-R senior secured floating-rate notes at Euribor plus 99 bps and €10 million of 1.2% class A-2-R senior secured fixed-rate notes.
The CLO also previously priced €35 million of class B-R senior secured floating-rate notes at Euribor plus 160 bps; €23.5 million of class C-R senior secured deferrable floating-rate notes at Euribor plus 235 bps; €18.6 million of class D-R senior secured deferrable floating-rate notes at Euribor plus 335 bps; €20.4 million of class E-R senior secured deferrable floating-rate notes at Euribor plus 570 bps and €10 million of class F senior secured deferrable floating-rate notes at Euribor plus 850 bps.
Collateral for the portfolio chiefly comes from senior secured obligations.
Bain Capital Credit will continue to manage collateral for the four-year reinvestment period.
Bain Capital Credit is an asset management firm based in Boston.
| Issuer: | Newhaven CLO DAC
|
| Issue: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Amount: | €327,625,000
|
| Maturity: | Feb. 15, 2034
|
| Manager: | Bain Capital Credit Ltd.
|
| Announcement date: | March 17
|
|
|
| Class X-R notes
|
| Amount: | €3 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 30 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-R notes
|
| Amount: | €217 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 90 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B-R notes
|
| Amount: | €29.05 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 155 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class C-R notes
|
| Amount: | €21.7 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 245 bps
|
| Rating: | Moody's: A2
|
|
|
| Class D-R notes
|
| Amount: | €26.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 355 bps
|
| Rating: | Moody's: Baa3
|
|
|
| Class E-R notes
|
| Amount: | €21 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 620 bps
|
| Rating: | Moody's: Ba3
|
|
|
| Class F-R notes
|
| Amount: | €9.625 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 900 bps
|
| Rating: | Moody's: B3
|
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