Chicago, March 24 – New Mountain Credit CLO Advisers LLC sold $407.06 million of notes in a new collateralized loan obligation offer due April 15, 2034 and being issued by New Mountain CLO 2 Ltd./New Mountain CLO 2 LLC, according to a pre-sale report.
The CLO has $248 million of class A senior secured floating-rate notes at Libor plus 119 basis points, $36 million of class B-1 senior secured floating-rate notes at Libor plus 165 bps and $20 million of class B-2 2.9% senior secured fixed-rate notes.
Lower, there are $24 million of class C senior secured deferrable floating-rate notes at Libor plus 205 bps, $24 million of class D senior secured deferrable floating-rate notes at Libor plus 320 bps and $14 million of class E senior secured deferrable floating-rate notes at Libor plus 636 bps.
Additionally, there are $41.06 million of subordinated notes.
Wells Fargo Securities LLC is the initial purchaser.
The notes can be called after April 1, 2023.
The reinvestment period ends April 15, 2026.
New Mountain Credit will manage the collateral, which will be at least 92.5% senior secured loans, cash and eligible investments with mots borrowers based in the United States or Canada.
New Mountain Credit CLO Advisors is a New York-based investment management firm.
| Issuers: | New Mountain CLO 2 Ltd./New Mountain CLO 2 LLC
|
| Issue: | Floating-rate, fixed-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Amount: | $407.06 million
|
| Maturity: | April 15, 2034
|
| Agent: | Wells Fargo Securities LLC
|
| Manager: | New Mountain Credit CLO Advisers LLC
|
| Call: | April 1, 2023
|
| Pricing date: | March 19
|
| Settlement date: | April 1
|
|
|
| Class A notes
|
| Amount: | $248 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 119 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-1 notes
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| Amount: | $36 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
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| Amount: | $20 million
|
| Securities: | Senior secured fixed-rate notes
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| Coupon: | 2.9%
|
| Rating: | S&P: AA
|
|
|
| Class C notes
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| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
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| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 320 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
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| Amount: | $14 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 636 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $41.06 million
|
| Securities: | Subordinated notes
|
|
|
|
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