Madison Capital Funding to refinance $302.85 million 2017 middle-market MCF CLO V notes

By Cristal Cody

Tupelo, Miss., June 24 – Madison Capital Funding LLC plans to price $302.85 million of notes due April 20, 2029 in a refinancing of a vintage 2017 middle-market CLO deal, according to a notice of proposed supplemental indenture on Friday.

The MCF CLO V LLC refinancing includes $173.5 million of class A-R floating-rate notes (expected ratings AAA/AAA), $25 million of class B-R floating-rate notes (expected rating AA), $23.5 million of class C-R floating-rate notes (expected rating A) and $18 million of class D-R floating-rate notes (expected rating BBB-).

Natixis Securities Americas LLC is the refinancing placement agent for the Rule 144A and Regulation S deal.

Madison Capital Funding will continue to manage the CLO.

In the original $302.85 million transaction issued March 9, 2017, the CLO priced $173.5 million of class A floating-rate notes at Libor plus 190 basis points; $25 million of class B floating-rate notes at Libor plus 255 bps; $23.5 million of class C floating-rate notes at Libor plus 355 bps; $18 million of class D floating-rate notes at Libor plus 455 bps; $22.25 million of class E floating-rate notes at Libor plus 735 bps and $40.6 million of subordinated notes.

Proceeds will be used to redeem the original notes on July 22.

The CLO is backed primarily by senior secured loans.

Madison Capital Funding is a Chicago-based middle-market finance company and subsidiary of New York Life Insurance Co.

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