Chicago, Nov. 17 – Madison Capital Funding LLC refinanced and extended for $461.82 million the collateralized loan obligation issued by MCF CLO IV LLC, according to a pre-sale report.
The extended notes will mature on Oct. 20, 2033.
The CLO now consists of $262.5 million of class A-RR senior secured floating-rate notes at Libor plus 150 basis points, $39 million of class B-RR senior secured floating-rate notes at Libor plus 190 bps, $40 million of class C-RR senior secured deferrable floating-rate notes at Libor plus 265 bps, $27 million of class D-RR senior secured deferrable floating-rate notes at Libor plus 380 bps, $27 million of class E-RR senior secured deferrable floating-rate notes at Libor plus 865 bps and $66.32 million of subordinated notes.
Madison Capital Funding LLC will manage the collateral through the end of the reinvestment period on Oct. 20, 2025.
The notes can be called starting Oct. 20, 2023.
Wells Fargo Securities was the placement agent.
Madison Capital Funding is a Chicago-based middle-market finance company and subsidiary of New York Life Insurance Co.
| Issuer: | MCF CLO IV LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $461.82 million
|
| Maturity: | Oct. 20, 2033
|
| Structure: | Cash flow CLO
|
| Placement agent: | Wells Fargo Securities
|
| Manager: | Madison Capital Funding LLC
|
| Call feature: | Oct. 20, 2023
|
| Settlement date: | Nov. 1
|
|
|
| Class A-RR notes
|
| Amount: | $262.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-RR notes
|
| Amount: | $39 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-RR notes
|
| Amount: | $40 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 265 bps
|
| Rating: | S&P: A
|
|
|
| Class D-RR notes
|
| Amount: | $27 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 380 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-RR notes
|
| Amount: | $27 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 865 bps
|
| Rating: | S&P: BB+
|
|
|
| Subordinated notes
|
| Amount: | $66.32 million
|
| Securities: | Subordinated notes
|
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