By Cristal Cody
Tupelo, Miss., Sept. 14 – MP CLO Management LLC priced $554.93 million of notes due Oct. 18, 2028 in a second refinancing of a 2015 vintage collateralized loan obligation deal, according to a market source and a notice of executed amended and restated indenture on Thursday.
MP CLO VII, Ltd./MP CLO VII, LLC, originally named ACAS CLO 2015-1, Ltd./ACAS CLO 2015-1 LLC, priced $1.8 million of class X floating-rate notes at Libor plus 65 basis points, $351 million of class A-RR senior secured floating-rate notes at Libor plus 108 bps and $58.6 million of class B-RR senior secured floating-rate notes at Libor plus 160 bps.
The CLO also sold $25.1 million of class C-RR senior secured deferrable floating-rate notes at Libor plus 220 bps; $33.2 million of class D-RR senior secured deferrable floating-rate notes at Libor plus 295 bps; $28.9 million of class E-RR senior secured deferrable floating-rate notes at Libor plus 575 bps; $10.8 million of class F-RR floating-rate notes at Libor plus 791 bps and $45.53 million of subordinated notes.
Barclays was the refinancing agent.
MP CLO Management, formerly known as American Capital CLO Management, LLC, is the CLO manager.
The securities have a one-year non-call period and a two-year reinvestment period.
The CLO originally was issued May 6, 2015 and first refinanced Dec. 28, 2017.
Proceeds from the deal were used to redeem the original refinanced notes.
MP CLO Management is a subsidiary of Greenwich, Conn.-based Marble Point Credit Management LLC, which is the investment manager of Marble Point Loan Financing Ltd.
| Issuer: | MP CLO VII, Ltd./MP CLO VII, LLC
|
| Amount: | $554.93 million refinancing
|
| Maturity: | Oct. 18, 2028
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Barclays
|
| Manager: | MP CLO Management LLC
|
| Call feature: | Sept. 12, 2019
|
| Settlement date: | Sept. 12
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class X notes
|
| Amount: | $1.8 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 65 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class A-RR notes
|
| Amount: | $351 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 108 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-RR notes
|
| Amount: | $58.6 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C-RR notes
|
| Amount: | $25.1 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | Libor plus 220 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D-RR notes
|
| Amount: | $33.2 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | Libor plus 295 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E-RR notes
|
| Amount: | $28.9 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | Libor plus 575 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Class F-RR notes
|
| Amount: | $10.8 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | Libor plus 791 bps
|
| Rating: | Fitch: Bsf
|
|
|
| Equity
|
| Amount: | $45.53 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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