By Cristal Cody
Tupelo, Miss., May 7 – Middle Market Credit Fund LLC priced $400.3 million of notes and preferred interests due April 20, 2029 in a new static middle-market collateralized loan obligation transaction, a market source said.
MMCF CLO 2019-2 LLC sold $233 million of class A-1 floating-rate notes at Libor plus 150 basis points; $48 million of class A-2 floating-rate notes at Libor plus 240 bps; $23 million of class B deferrable floating-rate notes at Libor plus 345 bps; $27 million of class C deferrable floating-rate notes at Libor plus 455 bps; $21 million of class D deferrable floating-rate notes at Libor plus 803 bps and $48.3 million of preferred interests.
Citigroup Global Markets Inc. was the placement agent.
Middle Market Credit Fund will manage the CLO, which is secured primarily by middle-market senior secured loans.
The CLO manager is a joint venture formed between TCG BDC, formerly known as Carlyle GMS Finance, and Credit Partners USA LLC, a subsidiary of PSP Investment Holding US LLC, which is an investment manager of Canada’s Public Sector Pension Investment Board.
The deal is Middle Market Credit Fund’s second CLO transaction to date.
| Issuer: | MMCF CLO 2019-2 LLC
|
| Amount: | $400.3 million
|
| Maturity: | April 20, 2029
|
| Securities: | Floating-rate notes and preferred interests
|
| Structure: | Static middle-market CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Middle Market Credit Fund LLC
|
| Pricing date: | April 26
|
| Settlement date: | May 17
|
|
|
| Class A-1 notes
|
| Amount: | $233 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $48 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Rating: | S&P: AA
|
|
|
| Class B notes
|
| Amount: | $23 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 345 bps
|
| Rating: | S&P: A
|
|
|
| Class C notes
|
| Amount: | $27 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 455 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D notes
|
| Amount: | $21 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 803 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $48.3 million
|
| Securities: | Preferred interests
|
| Ratings: | Non-rated
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
