By Rebecca Melvin
New York, Aug. 18 – Madison Capital Funding LLC priced $301.76 million of notes due October 2029 in its third middle-market CLO deal year to date, according to an informed source.
MCF CLO VII LLC sold $175 million of class A floating-rate notes (//AAA) at a discount margin of Libor plus 160 basis points; $33.3 million of class B floating-rate notes at a discount margin of Libor plus 205 bps; $25.5 million of class C deferrable floating-rate notes at a discount margin of Libor plus 275 bps; $19.5 million of class D deferrable floating-rate notes at a discount margin of Libor plus 410 bps; $12.1 million of class E deferrable floating-rate notes at a discount margin of Libor plus 675 bps and $38.01 million of subordinated notes.
Wells Fargo Securities, LLC was the underwriter.
Madison Capital Funding is the CLO manager.
The deal is backed primarily by middle-market senior secured loans.
The issue will have a two-year non-call period and four-year reinvestment period.
Madison Capital Funding is a Chicago-based middle-market finance company and subsidiary of New York Life Insurance Co.
| Issuer: | MCF CLO VII LLC
|
| Amount: | $301.76 million
|
| Maturity: | October 2029
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Middle Market CLO
|
| Placement agent: | Wells Fargo Securities, LLC
|
| Manager: | Madison Capital Funding LLC
|
| Settlement date: | Sept. 7
|
|
|
| Class A notes
|
| Amount: | $175 million
|
| Securities: | Floating-rate notes
|
| Discount margin: | Libor plus 160 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $25 million
|
| Securities: | Floating-rate notes
|
| Discount margin: | Libor plus 205 bps
|
| Rating: | Not rated
|
|
|
| Class C notes
|
| Amount: | $23.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Discount margin: | Libor plus 275 bps
|
| Rating: | Not rated
|
|
|
| Class D notes
|
| Amount: | $18 million
|
| Securities: | Deferrable floating-rate notes
|
| Discount margin: | Libor plus 410 bps
|
| Rating: | Not rated
|
|
|
| Class E notes
|
| Amount: | $22.25 million
|
| Securities: | Deferrable floating-rate notes
|
| Discount margin: | Libor plus 675 bps
|
| Rating: | Not rated
|
|
|
| Equity
|
| Amount: | $38.01 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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