New York, July 28 – Maranon Capital, LP priced $657.54 million of notes due July 15, 2033 in a reissue of a middle-market collateralized loan obligation deal, according to a presale report.
Maranon Loan Funding 2021-2 Ltd. sold $340 million of class A-1R floating-rate notes at Libor plus 169 basis points, $10 million of class A-2R fixed-rate notes at 2.638% and $62.4 million of floating-rate class B-R notes at Libor plus 205 bps.
It also issued $54.85 million of class C-R deferrable floating-rate notes at Libor plus 310 bps, $95.90 of class D-R deferrable fixed-rate notes at 4.5%, $25.15 million of class E-R deferrable fixed-rate notes at 8.5% and $69.24 million of variable dividend notes.
The CLO is a reissue of Maranon Loan Funding 2018-1 Ltd./Maranon Loan Funding 2018-1 LLC which priced for $625.38 million in April 2018 and will be redeemed via the new sale.
It extends the maturity of the earlier offering by three years and also pushes out the non-call and reinvestment periods.
The 2018 offering sold $319 million of class A-1 floating-rate notes at Libor plus 147 basis points; $40 million of 4.363% class A-2 fixed-rate notes; $53.4 million of class B floating-rate notes at Libor plus 185 bps; $18.95 million of class C-1 floating-rate notes at Libor plus 240 bps; $31.05 million of class C-2 floating-rate notes at Libor plus 240 bps; $48.44 million of class D floating-rate notes at Libor plus 375 bps; $45.3 million of class E floating-rate-notes at Libor plus 800 bps and $69.24 million of subordinated notes.
Wells Fargo Securities LLC was the underwriter for the latest deal.
Maranon Management LLC will manage the CLO.
The CLO has a two-year non-call period and a four-year reinvestment period.
The transaction is collateralized primarily by middle-market senior secured loans.
The Chicago-based investment management firm provides middle-market financing services.
| Issuer: | Maranon Loan Funding 2021-2 Ltd.
|
| Amount: | $657.54 million
|
| Maturity: | July 15, 2033
|
| Securities: | Floating-rate, fixed-rate and subordinated notes
|
| Structure: | Middle-market CLO
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| Underwriters: | Wells Fargo Securities LLC
|
| Manager: | Maranon Management LLC
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| Call feature: | Non-callable through June 23, 2023
|
| Settlement date: | June 23
|
|
|
| Class A-1R notes
|
| Amount: | $340 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 169 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class A-2R notes
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| Amount: | $10 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.638%
|
| Ratings: | S&P: AAA
|
|
|
| Class B-R notes
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| Amount: | $62.4 million
|
| Securities: | Floating-rate notes
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| Coupon: | Libor plus 205 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
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| Amount: | $54.85 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 310 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
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| Amount: | $95.90 million
|
| Securities: | Deferrable fixed-rate notes
|
| Coupon: | 4.5%
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| Rating: | S&P: NR
|
|
|
| Class E-R notes
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| Amount: | $25.15 million
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| Securities: | Deferrable fixed-rate notes
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| Coupon: | 8.5%
|
| Rating: | S&P: NR
|
|
|
| Equity
|
| Amount: | $69.24 million
|
| Securities: | Variable dividend notes
|
| Ratings: | S&P: NR
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