By Cristal Cody
Tupelo, Miss., June 20 – Madison Capital Funding LLC priced $324.87 million of notes due July 20, 2030 in its second middle-market CLO deal year to date, according to an informed source.
MCF CLO VI LLC sold $188 million of class A floating-rate notes at a discount margin of Libor plus 172.5 basis points; $27 million of class B floating-rate notes at a discount margin of Libor plus 257 bps; $25.5 million of class C deferrable floating-rate notes at a discount margin of Libor plus 356 bps; $19.5 million of class D deferrable floating-rate notes at a discount margin of Libor plus 504 bps; $24.1 million of class E deferrable floating-rate notes at a discount margin of Libor plus 828 bps and $40.77 million of subordinated notes.
Wells Fargo Securities, LLC and Guggenheim Securities LLC were the underwriters.
Madison Capital Funding is the CLO manager.
The deal is backed primarily by middle-market senior secured loans.
Madison Capital Funding is a Chicago-based middle-market finance company and subsidiary of New York Life Insurance Co.
Issuer: | MCF CLO VI LLC
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Amount: | $324.87 million
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Maturity: | July 20, 2030
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Securities: | Floating-rate and subordinated notes
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Structure: | Cash flow CLO
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Placement agents: | Wells Fargo Securities, LLC and Guggenheim Securities LLC
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Manager: | Madison Capital Funding LLC
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Pricing date: | June 13
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Settlement date: | July 11
|
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Class A notes
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Amount: | $188 million
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Securities: | Floating-rate notes
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Discount margin: | Libor plus 172.5 bps
|
Rating: | S&P: AAA
|
|
Class B notes
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Amount: | $27 million
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Securities: | Floating-rate notes
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Discount margin: | Libor plus 257 bps
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Rating: | S&P: AA
|
|
Class C notes
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Amount: | $25.5 million
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Securities: | Deferrable floating-rate notes
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Discount margin: | Libor plus 356 bps
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Rating: | S&P: A
|
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Class D notes
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Amount: | $19.5 million
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Securities: | Deferrable floating-rate notes
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Discount margin: | Libor plus 504 bps
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Rating: | S&P: BBB-
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Class E notes
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Amount: | $24.1 million
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Securities: | Deferrable floating-rate notes
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Discount margin: | Libor plus 828 bps
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Rating: | S&P: BB-
|
|
Equity
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Amount: | $40.77 million
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Securities: | Subordinated notes
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Ratings: | Non-rated
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