Chicago, Dec. 13 – Maranon Management LLC sold $435 million in a middle-market collateralized loan obligation being issued by Maranon Loan Funding 2021-3 Ltd./Maranon Loan Funding 2021-3 LLC, according to a pre-sale report and a press release.
The notes will mature on Jan. 15, 2034.
The CLO consists of $20 million of class X senior secured floating-rate notes at Libor plus 115 basis points, $180 million of class A senior secured floating-rate notes at Libor plus 155 bps, $50 million of class A-L senior secured floating-rate loans at Libor plus 155 bps, $40 million of class B senior secured floating-rate notes at Libor plus 190 bps, $33 million of class C senior secured deferrable floating-rate notes at Libor plus 270 bps, $31.5 million of class D senior secured deferrable floating-rate notes at Libor plus 35 bps, $30.5 million of class E senior secured deferrable floating-rate notes at Libor plus 800 bps and $50 million of variable-dividend notes.
Maranon Management LLC will manage the collateral through the end of the reinvestment period on Jan. 15, 2026.
Collateral comes from middle-market speculative-grade senior secured term loans. Maranon primarily invests in privately equity-backed companies.
The notes can be called starting Jan. 15, 2024.
Wells Fargo Securities LLC was the placement agent.
Maranon Capital is a Chicago-based investment firm.
| Issuer: | Maranon Loan Funding 2021-3 Ltd./Maranon Loan Funding 2021-3 LLC
|
| Issue: | Floating-rate notes, floating-rate loans and variable dividend notes
|
| Amount: | $435 million
|
| Maturity: | Jan. 15, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Wells Fargo Securities LLC
|
| Manager: | Maranon Management LLC
|
| Call feature: | Jan. 15, 2024
|
| Settlement date: | Dec. 8
|
|
|
| Class X notes
|
| Amount: | $20 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 115 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A notes
|
| Amount: | $180 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-L loans
|
| Amount: | $50 million
|
| Securities: | Senior secured floating-rate loans
|
| Coupon: | Libor plus 155 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $40 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $33 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 270 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $31.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 35 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $30.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 800 bps
|
| Rating: | S&P: BB-
|
|
|
| Variable-dividend notes
|
| Amount: | $50 million
|
| Securities: | Variable-dividend notes
|
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