By Cristal Cody
Tupelo, Miss., April 16 – Maranon Capital, LP priced $410 million of notes and loans due April 15, 2031 in a new middle-market collateralized loan obligation deal that closed on Monday, according to a market source.
Maranon Loan Funding 2019-1 Ltd./Maranon Loan Funding 2019-1 LLC sold $135 million of class A-1A floating-rate notes at Libor plus 185 basis points, $32.5 million of 4.04% class A-1B fixed-rate notes, $30 million of class A-1L loans at Libor plus 185 bps, $15 million of class A-2A1 floating-rate notes at Libor plus 170 bps, $5 million of 3.88% class A-2A2 fixed-rate notes and $7.5 million of 4.46% class A-2B fixed-rate notes.
The CLO also priced $39 million of class B floating-rate notes at Libor plus 280 bps; $30 million of class C floating-rate notes at Libor plus 365 bps; $28 million of class D floating-rate notes at Libor plus 465 bps; $28 million of class E floating-rate-notes at Libor plus 865 bps and $60 million of subordinated notes.
Morgan Stanley & Co. LLC was the placement agent.
The CLO has a two-year non-call period and a four-year reinvestment period.
The transaction is collateralized primarily by middle-market senior secured loans.
Maranon Capital is a Chicago-based investment management firm that provides middle-market financing services.
| Issuer: | Maranon Loan Funding 2019-1 Ltd./Maranon Loan Funding 2019-1 LLC
|
| Amount: | $410 million
|
| Maturity: | April 15, 2031
|
| Securities: | Loans and fixed-rate, floating-rate and subordinated notes
|
| Structure: | Middle-market CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | Maranon Capital LP
|
| Call feature: | Two years
|
| Pricing date: | March 27
|
| Settlement date: | April 15
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-1A notes
|
| Amount: | $135 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-1B notes
|
| Amount: | $32.5 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 4.04%
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-1L loans
|
| Amount: | $30 million
|
| Securities: | Loans
|
| Coupon: | Libor plus 185 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-2A1 notes
|
| Amount: | $15 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-2A2 notes
|
| Amount: | $5 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.88%
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-2B notes
|
| Amount: | $7.5 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 4.46%
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $39 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 280 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 365 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $28 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 465 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $28 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 865 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $60 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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