By Cristal Cody
Tupelo, Miss., Nov. 3 – Bain Capital Credit LP priced $499 million of notes due Oct. 20, 2033 in the manager’s fourth collateralized loan obligation offering year to date, according to market sources.
Bain Capital Credit CLO 2020-4 Ltd./Bain Capital Credit CLO 2020-4 LLC sold $300 million of class A-1 senior secured floating-rate notes at Libor plus 141 basis points, $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.
Bain Capital 2020-4 sold $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.
Credit Suisse Securities (USA) LLC was the placement agent.
Bain Capital Credit U.S. CLO Manager LLC will manage the CLO.
The CLO has a two-year non-call period and a five-year reinvestment period.
The offering is backed primarily by broadly syndicated first-lien senior secured loans.
Bain Capital has priced four new CLOs year to date.
The asset management firm is based in Boston.
| Issuer: | Bain Capital Credit CLO 2020-4 Ltd./Bain Capital Credit CLO 2020-4 LLC
|
| Amount: | $499 million
|
| Maturity: | Oct. 20, 2033
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | Bain Capital Credit U.S. CLO Manager LLC
|
| Call feature: | Two years
|
| Settlement date: | Dec. 10
|
|
|
| Class A-1 notes
|
| Amount: | $300 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 141 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $20 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $60 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 195 bps
|
| Ratings: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $27.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 270 bps
|
| Ratings: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $27.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 425 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $17.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 795 bps
|
| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $46.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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