Chicago, Dec. 14 – New Mountain Credit CLO Advisers LLC refinanced and extended for $500.1 million the collateralized loan obligation issued by New Mountain CLO 1 Ltd./New Mountain CLO 1 LLC, according to a pre-sale report.
The extended notes will mature on Oct. 15, 2034.
The refinanced CLO consists of $310 million of class A-R senior secured floating-rate notes at Libor plus 120 basis points, $56.75 million of class B-1R senior secured floating-rate notes at Libor plus 180 bps, $13.25 million of class B-2R 2.98% senior secured fixed-rate notes, $30 million of class C-R senior secured deferrable floating-rate notes at Libor plus 220 bps, $30 million of class D-R senior secured deferrable floating-rate notes at Libor plus 320 bps, $17.5 million of class E-R senior secured deferrable floating-rate notes at Libor plus 668 bps and $42.6 million of subordinated notes.
The CLO originally sold $197 million of class A-1 senior secured floating-rate notes at Libor plus 155 bps, $20 million of 1.93% class A-2 senior secured fixed-rate notes and $49 million of class B senior secured floating-rate notes at Libor plus 210 bps.
The CLO also initially priced $19.25 million of class C secured deferrable floating-rate notes at Libor plus 285 bps, $19.25 million of class D secured deferrable floating-rate notes at Libor plus 425 bps, $12.25 million of class E secured deferrable floating-rate notes at Libor plus 800 bps and $31.95 million of subordinated notes.
New Mountain Credit CLO Advisers LLC will manage the collateral through the end of the reinvestment period on Oct. 15, 2026.
Collateral for the notes come from broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Oct. 15, 2023.
Wells Fargo Securities LLC was the placement agent.
New Mountain Credit CLO Advisors is a New York-based investment management firm.
| Issuer: | New Mountain CLO 1 Ltd./New Mountain CLO 1 LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $500.1 million
|
| Maturity: | Oct. 15, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Wells Fargo Securities LLC
|
| Manager: | New Mountain Credit CLO Advisers LLC
|
| Call feature: | Oct. 15, 2023
|
| Settlement date: | Oct. 29
|
|
|
| Class A-R notes
|
| Amount: | $310 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 120 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-1R notes
|
| Amount: | $56.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2R notes
|
| Amount: | $13.25 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.98%
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 220 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 320 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $17.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 668 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $42.6 million
|
| Securities: | Subordinated notes
|
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