By Cristal Cody
Tupelo, Miss., Dec. 15 – Middle Market Credit Fund LLC priced a $399.9 million debut static middle-market collateralized loan obligation offering of notes due Jan. 15, 2028, a source said.
MMCF CLO 2017-1 LLC sold $231.7 million of class A-1 floating-rate notes at a discount margin of Libor plus 117 basis points; $48.3 million of class A-2 floating-rate notes at a discount margin of Libor plus 150 bps; $15 million of class B-1 deferrable floating-rate notes at a discount margin of Libor plus 225 bps; $9 million of 4.3% class B-2 deferrable fixed-rate notes; $22.9 million of class C deferrable floating-rate notes at a discount margin of Libor plus 345 bps; $25.1 million of class D deferrable floating-rate notes at a discount margin of Libor plus 710 bps and $47.9 million of preferred interests.
Citigroup Global Markets Inc. was the placement agent.
Middle Market Credit Fund will manage the CLO.
The MMCF CLO has a one-year non-call period.
The CLO manager is a joint venture formed between TCG BDC, formerly known as Carlyle GMS Finance, and Credit Partners USA LLC, a subsidiary of PSP Investment Holding US LLC, which is an investment manager of Canada’s Public Sector Pension Investment Board.
Issuer: | MMCF CLO 2017-1 LLC
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Amount: | $399.9 million
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Maturity: | Jan. 15, 2028
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Securities: | Fixed-rate notes, floating-rate notes and preferred interests
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Structure: | Static middle-market CLO
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Placement agent: | Citigroup Global Markets Inc.
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Manager: | Middle Market Credit Fund LLC
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Call feature: | Dec. 15, 2018
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Pricing date: | Dec. 4
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Settlement date: | Dec. 19
|
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Class A-1 notes
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Amount: | $231.7 million
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Securities: | Floating-rate notes
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Discount margin: | Libor plus 117 bps
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Rating: | S&P: AAA
|
|
Class A-2 notes
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Amount: | $48.3 million
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Securities: | Floating-rate notes
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Discount margin: | Libor plus 150 bps
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Rating: | S&P: AA
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Class B-1 notes
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Amount: | $15 million
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Securities: | Deferrable floating-rate notes
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Discount margin: | Libor plus 225 bps
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Rating: | S&P: A
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Class B-2 notes
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Amount: | $9 million
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Securities: | Deferrable fixed-rate notes
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Coupon: | 4.3%
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Rating: | S&P: A
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Class C notes
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Amount: | $22.9 million
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Securities: | Deferrable floating-rate notes
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Discount margin: | Libor plus 345 bps
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Rating: | S&P: BBB
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Class D notes
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Amount: | $25.1 million
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Securities: | Deferrable floating-rate notes
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Discount margin: | Libor plus 710 bps
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Rating: | S&P: BB
|
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Equity
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Amount: | $47.9 million
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Securities: | Preferred interests
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Ratings: | Non-rated
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