Chicago, Sept. 16 – New Mountain Credit CLO Advisers LLC sold $507.38 million in a collateralized loan obligation being issued by New Mountain CLO 3 Ltd./New Mountain CLO 3 LLC, according to a pre-sale report.
The notes will mature on Oct. 20, 2034.
The CLO consists of $230 million of class A senior secured floating-rate notes at Libor plus 118 basis points, $80 million of class A senior secured floating-rate loans at Libor plus 118 bps, $49 million of class B-1 senior secured floating-rate notes at Libor plus 170 bps, $21 million of class B-2 2.67% senior secured fixed-rate notes, $30 million of class C senior secured deferrable floating-rate notes at Libor plus 210 bps, $30 million of class D senior secured deferrable floating-rate notes at Libor plus 335 bps, $17.5 million of class E senior secured deferrable floating-rate notes at Libor plus 660 bps and $49.875 million of subordinated notes.
New Mountain Credit CLO Advisers LLC will manage the collateral through the end of the reinvestment period on Oct. 20, 2026.
The notes can be called starting Sept. 20, 2023.
Citigroup Global Markets Inc. was the placement agent.
New Mountain Credit CLO Advisors is a New York-based investment management firm.
| Issuer: | New Mountain CLO 3 Ltd./New Mountain CLO 3 LLC
|
| Issue: | Floating-rate notes, floating-rate loans, fixed-rate notes and subordinated notes
|
| Amount: | $507.375 million
|
| Maturity: | Oct. 20, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | New Mountain Credit CLO Advisers LLC
|
| Call feature: | Sept. 20, 2023
|
| Settlement date: | Sept. 20
|
|
|
| Class A notes
|
| Amount: | $230 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 118 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A loans
|
| Amount: | $80 million
|
| Securities: | Senior secured floating-rate loans
|
| Coupon: | Libor plus 118 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $49 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $21 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.67%
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 335 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $17.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 660 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $49.875 million
|
| Securities: | Subordinated notes
|
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