Chicago, June 1 – Monroe Capital LLC priced $451.3 million of notes due May 20, 2033 in a new middle-market CLO transaction with Monroe Capital MML CLO XI Ltd./Monroe Capital MML CLO XI LLC listed as co-issuers, according to a pre-sale report.
The portfolio includes a $25 million of class A senior secured floating-rate loan at Libor plus 155 basis points, $204 million of class A-1 senior secured floating-rate notes at Libor plus 155 bps, $32 million of class A-2 2.71% senior secured fixed-rate notes, $24 million of class B-1 senior secured floating-rate notes at Libor plus 190 bps and $25.5 million of class B-2 3.16% senior secured fixed-rate notes.
Lower, there are $31.5 million of class C senior secured deferrable floating-rate notes at Libor plus 285 bps, $27 million of class D senior secured deferrable floating-rate notes at Libor plus 410 bps and $27 million of class E senior secured deferrable floating-rate notes at Libor plus 854 bps.
Additionally, there are $59 million of subordinated notes.
BNP Paribas Securities Corp. is the initial purchaser.
Monroe Capital is direction the selection of collateral, which consists mostly of middle-market speculative-grade senior secured term loans.
The reinvestment period ends May 20, 2025.
The non-call period ends May 7, 2023.
The middle-market lender and private credit asset management firm is based in Chicago.
| Issuers: | Monroe Capital MML CLO XI Ltd./Monroe Capital MML CLO XI LLC
|
| Issue: | Floating-rate loan, floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $451.3 million
|
| Maturity: | May 20, 2033
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| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas Securities Corp.
|
| Manager: | Monroe Capital LLC
|
| Call feature: | May 7, 2023
|
| Settlement date: | May 7
|
|
|
| Class A loan
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| Amount: | $25 million
|
| Securities: | Senior secured floating-rate loan
|
| Coupon: | Libor plus 155 bps
|
|
|
| Class A-1 notes
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| Amount: | $204 million
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| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 155 bps
|
|
|
| Class A-2 notes
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| Amount: | $32 million
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| Securities: | Senior secured fixed-rate notes
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| Coupon: | 2.71%
|
|
|
| Class B-1 notes
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| Amount: | $24 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
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| Amount: | $25.5 million
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| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.16%
|
| Rating: | S&P: AA
|
|
|
| Class C notes
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| Amount: | $31.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Libor plus 285 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
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| Amount: | $27 million
|
| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Libor plus 410 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
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| Amount: | $27 million
|
| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Libor plus 854 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $59 million
|
| Securities: | Subordinated notes
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