Chicago, Nov. 7 – Bain Capital Credit U.S. CLO Manager LLC reset for $500.7 million the collateralized loan obligation issued by Bain Capital Credit CLO 2020-4, Ltd./Bain Capital Credit CLO 2020-4 LLC, according to a presale report and a press release.
The notes will now mature on Oct. 20, 2036.
The CLO consists of $1.2 million of class X senior secured floating-rate notes at SOFR plus 135 basis points, $308 million of class A1-R senior secured floating-rate notes at SOFR plus 175 bps, $20 million of class A2-R senior secured floating-rate notes at SOFR plus 195 bps, $50 million of class B-R senior secured floating-rate notes at SOFR plus 250 bps, $26.85 million of class C-R senior secured deferrable floating-rate notes at SOFR plus 295 bps, $21 million of class D1A-R senior secured deferrable floating-rate notes at SOFR plus 475 bps, $6.3 million of class D1B-R 9.04% senior secured deferrable fixed-rate notes, $5.35 million of class D2-R 10.54% senior secured deferrable fixed-rate notes, $15.5 million of class E-R senior secured deferrable floating-rate notes at SOFR plus 798 bps and $46.5 million of subordinated notes.
Originally, Bain sold $300 million of class A-1 senior secured floating-rate notes at Libor plus 141 bps, $20 million of class A-2 senior secured floating-rate notes at Libor plus 180 bps and $60 million of class B senior secured floating-rate notes at Libor plus 195 bps.
The CLO also included $27.5 million of class C senior secured deferrable floating-rate notes at Libor plus 270 bps, $27.5 million of class D senior secured deferrable floating-rate notes at Libor plus 425 bps, $17.5 million of class E senior secured deferrable floating-rate notes at Libor plus 795 bps and $46.5 million of subordinated notes.
Bain Capital Credit U.S. CLO Manager LLC will manage the collateral through the end of the reinvestment period on Oct. 20, 2028.
Collateral for the notes consists of non-investment-grade broadly syndicated loans and other assets.
The notes can be called starting Oct. 20, 2025.
Mizuho Securities USA LLC and CIBC World Markets Corp. were the placement agents.
The asset management firm is based in Boston.
| Issuer: | Bain Capital Credit CLO 2020-4, Ltd./Bain Capital Credit CLO 2020-4 LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $500.7 million
|
| Maturity: | Oct. 20, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | Mizuho Securities USA LLC and CIBC World Markets Corp.
|
| Manager: | Bain Capital Credit U.S. CLO Manager LLC
|
| Call feature: | Oct. 20, 2025
|
| Pricing date: | Oct. 12
|
| Settlement date: | Oct. 20
|
|
|
| Class X notes
|
| Amount: | $1.2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 135 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A1-R notes
|
| Amount: | $308 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 175 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A2-R notes
|
| Amount: | $20 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 195 bps
|
| Rating: | Fitch: AA
|
|
|
| Class B-R notes
|
| Amount: | $50 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 250 bps
|
| Rating: | Fitch: AA
|
|
|
| Class C-R notes
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| Amount: | $26.85 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 295 bps
|
| Rating: | Fitch: A
|
|
|
| Class D1A-R notes
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| Amount: | $21 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 475 bps
|
| Rating: | Fitch: BBB
|
|
|
| Class D1B-R notes
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| Amount: | $6.3 million
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 9.04%
|
| Rating: | Fitch: BBB
|
|
|
| Class D2-R notes
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| Amount: | $5.35 million
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 10.54%
|
| Rating: | Fitch: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $15.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 798 bps
|
| Rating: | Fitch: BB-
|
|
|
| Subordinated notes
|
| Amount: | $46.5 million
|
| Securities: | Subordinated notes
|
|
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