By Cristal Cody
Tupelo, Miss., Feb. 13 – Bain Capital Credit Ltd. priced $684.4 million of notes at par in a refinancing of the vintage 2013 Race Point VIII CLO Ltd./Race Point VIII CLO Corp. offering, according to a market source.
The CLO sold $427 million of class A-R floating-rate notes at Libor plus 134 basis points; $102.3 million of class B-R floating-rate notes at Libor plus 170 bps; $40.2 million of class C-R deferrable floating-rate notes at Libor plus 250 bps; $36.7 million of class D-R deferrable floating-rate notes at Libor plus 380 bps; $37.4 million of class E-R deferrable floating-rate notes at Libor plus 685 bps and an additional $40.8 million of subordinated notes.
Citigroup Global Markets Inc. arranged the refinancing.
Bain Capital, formerly known as Sankaty Advisors LP, is the CLO manager.
The maturity on the refinanced notes was extended to Feb. 20, 2030 from the original Feb. 20, 2025 maturity.
The refinanced CLO has a two-year non-call period and a five-year reinvestment period.
The deal is backed primarily by broadly syndicated loans.
Proceeds from the deal will be used to redeem the original notes.
Bain Capital Credit is an asset management firm based in Boston.
| Issuer: | Race Point VIII CLO Ltd./Race Point VIII CLO Corp.
|
| Amount: | $684.4 million refinancing
|
| Maturity: | Feb. 20, 2030
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Citigroup Global Markets Inc.
|
| Manager: | Bain Capital Credit Ltd.
|
| Call feature: | Feb. 20, 2019
|
| Pricing date: | Feb. 9
|
| Settlement date: | Feb. 21
|
|
|
| Class A-R notes
|
| Amount: | $427 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 134 bps
|
| Price: | Par
|
| Ratings: | S&P: AAA
|
| Fitch: AAA expected
|
|
|
| Class B-R notes
|
| Amount: | $102.3 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Price: | Par
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $40.2 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 250 bps
|
| Price: | Par
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $36.7 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 380 bps
|
| Price: | Par
|
| Rating: | S&P: BBB
|
|
|
| Class E-R notes
|
| Amount: | $37.4 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 685 bps
|
| Price: | Par
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $40.8 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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