New York, July 26 – Madison Capital Funding LLC priced $305 million of loans due July 17, 2033 in the MCF Direct Lending LLC CLO, according to an announcement.
The CLO sold $213.5 million of class A loans at Libor plus 175 bps, $53.375 million of class B loans at Libor plus 525 bps and $38.125 million of subordinated loans.
The deal is backed primarily by middle-market first-lien senior secured loans.
The loans issued under the deal will not initially be fully drawn. As assets are added to the underlying portfolio, the loans will be drawn as necessary to fund the acquisition.
There is a three-year availability period to acquire assets.
Madison Capital Funding is a Chicago-based middle-market finance company and subsidiary of New York Life Insurance Co.
| Issuer: | MCF Direct Lending LLC
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| Amount: | $305 million
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| Maturity: | July 17, 2033
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| Securities: | Loans
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| Structure: | Middle-market CLO
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| Manager: | Madison Capital Funding LLC
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| Settlement date: | June 22
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| Class A loans
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| Amount: | $213.5 million
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| Securities: | Floating-rate loans
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| Coupon: | Libor plus 175 bps
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| Rating: | S&P: A-
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| Class B loans
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| Amount: | $53.375 million
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| Securities: | Floating-rate loans
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| Coupon: | Libor plus 525 bps
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| Rating: | S&P: BB-
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| Equity
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| Amount: | $38.125 million
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| Securities: | Subordinated loans
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| Ratings: | Non-rated
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