Chicago, April 9 – Madison Capital Funding LLC refinanced and extended its middle-market loan CLO with MCF CLO V LLC listed as issuer with an updated total of $310.31 million of notes in the portfolio, according to a pre-sale report.
The refinancing does not include the class E notes, meaning that only $288.06 million of the portfolio is being refinanced.
The maturity date has been pushed back to April 20, 2033 from April 20, 2029. The maturity date of the class E notes has not yet been pushed back, but it is expected that it will be.
The refinancing notes are the $172.5 million of class A-RR senior secured floating-rate notes at Libor plus 155 basis points, $29 million of class B-RR senior secured floating-rate notes at Libor plus 190 bps, $24 million of class C-RR senior secured deferrable floating-rate notes at Libor plus 270 bps, $15 million of class D-RR senior secured deferrable floating-rate notes at Libor plus 400 bps and $47.56 million of subordinated notes.
Originally, the CLO priced $173.5 million of class A floating-rate notes at Libor plus 190 bps; $25 million of class B floating-rate notes at Libor plus 255 bps; $23.5 million of class C floating-rate notes at Libor plus 355 bps; $18 million of class D floating-rate notes at Libor plus 455 bps; $22.25 million of class E floating-rate notes at Libor plus 735 bps and $40.6 million of subordinated notes.
Wells Fargo Securities is the initial purchaser.
Madison Capital Funding is managing the collateral through the end of the reinvestment period on April 20, 2025.
The notes can be called starting March 31, 2023.
Madison Capital Funding is a Chicago-based middle-market finance company and subsidiary of New York Life Insurance Co.
| Issuer: | MCF CLO V LLC
|
| Issue: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
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| Amount: | $288.06 million
|
| Maturity: | April 20, 2033
|
| Agent: | Wells Fargo Securities
|
| Manager: | Madison Capital Funding LLC
|
| Call: | March 31, 2023
|
| Pricing date: | March 26
|
| Settlement date: | March 31
|
|
|
| Class A-RR notes
|
| Amount: | $172.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Rating: | S&P: AAA (sf)
|
|
|
| Class B-RR notes
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| Amount: | $29 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | S&P: AA (sf)
|
|
|
| Class C-RR notes
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| Amount: | $24 million
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| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Libor plus 270 bps
|
| Rating: | S&P: A (sf)
|
|
|
| Class D-RR notes
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| Amount: | $15 million
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| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 400 bps
|
| Rating: | S&P: BBB- (sf)
|
|
|
| Subordinated notes
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| Amount: | $47.56 million
|
| Securities: | Subordinated notes
|
|
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