By Cristal Cody
Tupelo, Miss., April 30 – Bain Capital Credit, Ltd. priced €361.3 million of notes due 2032 in the Bain Capital Euro CLO 2018-1 DAC transaction, according to market sources on Monday.
The CLO sold €207.6 million of class A senior secured floating-rate notes at Euribor plus 78 basis points, €17.8 million of class B-1 senior secured floating-rate notes at Euribor plus 125 bps and €20 million of 2.05% class B-2 senior secured fixed-rate notes.
The CLO also priced €25.1 million of class C senior secured deferrable floating-rate notes at Euribor plus 170 bps; €10.3 million of class D senior secured deferrable floating-rate notes at Euribor plus 250 bps; €23.8 million of class E senior secured deferrable floating-rate notes at Euribor plus 497 bps and €11.2 million of class F senior secured deferrable floating-rate notes at Euribor plus 520 bps and €35.5 million of subordinated notes.
J.P. Morgan Securities plc was the placement agent.
Bain Capital Credit will manage the CLO, which has a two-year non-call period and a four-year reinvestment period.
The deal is backed primarily by broadly syndicated senior secured corporate loans and senior secured bonds.
Bain Capital, a Boston-based asset management firm, is a subsidiary of Bain Capital LP.
| Issuer: | Bain Capital Euro CLO 2018-1 DAC
|
| Amount: | €361.3 million
|
| Maturity: | 2032
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities plc
|
| Manager: | Bain Capital Credit, Ltd.
|
| Call feature: | Two years
|
| Settlement date: | May 25
|
|
|
| Class A notes
|
| Amount: | €207.6 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 78 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €17.8 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 125 bps
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €20 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.05%
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €25.1 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 170 bps
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €20.3 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 250 bps
|
| Ratings: | Moody’s: Baa2
|
| Fitch: BBB
|
|
|
| Class E notes
|
| Amount: | €23.8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 497 bps
|
| Ratings: | Moody’s: Ba2
|
| Fitch: BB
|
|
|
| Class F notes
|
| Amount: | €11.2 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 520 bps
|
| Ratings: | Moody’s: B2
|
| Fitch: B-
|
|
|
| Equity
|
| Amount: | €35.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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