By Cristal Cody
Tupelo, Miss., Feb. 3 – Bain Capital Credit Ltd. priced €324.9 million of notes in a refinancing of the vintage 2014 Newhaven CLO DAC offering, according to a market source.
The CLO sold €1.5 million of class X senior secured floating-rate notes at Euribor plus 80 basis points, €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 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.
Morgan Stanley & Co. International plc arranged the refinancing.
Bain Capital is the CLO manager.
The maturity on the refinanced notes was extended to Nov. 15, 2030 from the original Oct. 26, 2026 maturity.
The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.
Proceeds will be used to redeem the original notes.
Bain Capital Credit is an asset management firm based in Boston.
| Issuer: | Newhaven CLO DAC
|
| Amount: | €324.9 million refinancing
|
| Maturity: | Nov. 15, 2030
|
| Securities: | Fixed-rate and floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Morgan Stanley & Co. International plc
|
| Manager: | Bain Capital Credit Ltd.
|
| Pricing date: | Feb. 2
|
|
|
| Class X notes
|
| Amount: | €1.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 80 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-1-R notes
|
| Amount: | €205.9 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 99 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2-R notes
|
| Amount: | €10 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.2%
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-R notes
|
| Amount: | €35 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 160 bps
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class C-R notes
|
| Amount: | €23.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 235 bps
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class D-R notes
|
| Amount: | €18.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 335 bps
|
| Ratings: | Moody’s: Baa2
|
| Fitch: BBB
|
|
|
| Class E-R notes
|
| Amount: | €20.4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 570 bps
|
| Ratings: | Moody’s: Ba2
|
| Fitch: BB
|
|
|
| Class F-R notes
|
| Amount: | €10 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 850 bps
|
| Ratings: | Moody’s: B2
|
| Fitch: B-
|
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