By Cristal Cody
Tupelo, Miss., Aug. 24 – Monroe Capital LLC refinanced $345 million of notes due May 22, 2027 from a 2015 CLO transaction, according to a market source.
Monroe Capital BSL CLO 2015-1, Ltd. sold $252 million of class A-R senior secured floating-rate notes at Libor plus 112 basis points, $48 million of B-R senior secured floating-rate notes at Libor plus 175 bps, $21 million of class C-R mezzanine secured deferrable floating-rate notes at Libor plus 245 bps and $24 million of class D-R mezzanine secured deferrable floating-rate notes at Libor plus 375 bps.
BNP Paribas Securities Corp. arranged the transaction.
Monroe Capital will continue to manage the CLO.
The original CLO was issued on May 28, 2015. The CLO had priced $202 million of class A-1 notes at Libor plus 143 bps; $50 million of class A-2 notes at Libor plus 158 bps; $48 million of class B notes at Libor plus 220 bps; $13 million of class C-1 notes at Libor plus 300 bps; $8 million of 5.158% class C-2 fixed-rate notes; $24 million of class D notes at Libor plus 395 bps; $22 million of class E notes at Libor plus 600 bps; $8 million of class F notes at Libor plus 725 bps and $37 million of subordinated notes.
The transaction is secured by senior secured broadly syndicated corporate loans.
Proceeds were used to redeem the original class A-1, A-2, B, C-1, C-2 and D notes at par.
Monroe Capital is a middle-market lender and private credit asset management firm based in Chicago.
| Issuer: | Monroe Capital BSL CLO 2015-1, Ltd.
|
| Amount: | $345 million refinancing
|
| Maturity: | May 22, 2027
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
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| Refinancing agent: | BNP Paribas Securities Corp.
|
| Manager: | Monroe Capital LLC
|
| Settlement date: | Aug. 22
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-R notes
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| Amount: | $252 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 112 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-R notes
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| Amount: | $48 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | Moody’s: Aa1
|
|
|
| Class C-R notes
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| Amount: | $21 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 245 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D-R notes
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| Amount: | $24 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 375 bps
|
| Rating: | Moody’s: Baa3
|
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