By Cristal Cody
Tupelo, Miss., Aug. 6 – Medalist Partners Corporate Finance LLC, formerly known as JMP Credit Advisors LLC, refinanced $285.75 million of the AAA-rated notes from the JMP Credit Advisors CLO IV Ltd./JMP Credit Advisors CLO IV LLC transaction, according to a market source and a notice of revised supplemental indenture on Monday.
The CLO priced the class A-R senior secured floating-rate notes (expected ratings Aaa//AAA) at Libor plus 128 basis points.
BNP Paribas Securities Corp. is the refinancing placement agent.
Medalist Partners Corporate Finance, which acquired a majority stake in JMP Credit Advisors in March, will manage the CLO.
The notes are due July 17, 2029.
The CLO has a one-year non-call period.
In the original $456.87 million offering issued June 29, 2017, the CLO priced $285.75 million of class A senior secured floating-rate notes at Libor plus 137 bps. The CLO also had priced $54 million of class B senior secured floating-rate notes at Libor plus 190 bps; $27 million of class C mezzanine secured deferrable floating-rate notes at Libor plus 265 bps; $24.75 million of class D C mezzanine secured deferrable floating-rate notes at Libor plus 415 bps and $22.5 million of class E C mezzanine secured deferrable floating-rate notes at Libor plus 680 bps.
The deal included $10,717,500 of senior subordinated notes with a coupon of Libor plus 575 bps and $32,152,500 of junior subordinated notes as equity.
On each payment date, the senior subordinated notes are entitled to receive the coupon and 45% of all remaining interest proceeds and all remaining principal proceeds before any distributions on the junior subordinated notes. JMP Credit Advisors had retained all of the subordinated notes.
Proceeds from the refinancing will be used to redeem the outstanding class A notes.
The CLO is backed by a portfolio of broadly syndicated first-lien senior secured leveraged loans.
Medalist Partners Corporate is a New York-based alternative investment manager.
| Issuer: | JMP Credit Advisors CLO IV Ltd./JMP Credit Advisors CLO IV LLC
|
| Amount: | $285.75 million refinancing
|
| Maturity: | July 17, 2029
|
| Securities: | Senior secured floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | BNP Paribas Securities Corp.
|
| Manager: | JMP Credit Advisors LLC
|
| Coupon: | Libor plus 128 bps
|
| Call feature: | July 2020
|
| Pricing date: | July 24
|
| Settlement date: | Aug. 8
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
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