Chicago, Jan. 13 – Mount Logan Management LLC refinanced and extended for $305.2 million the collateralized loan obligation issued by Mount Logan Funding 2018-1 LP/Mount Logan Funding 2018-1 LLC, according to a pre-sale report.
The notes will mature on Jan. 22, 2033.
The refinanced CLO consists of $75 million of class A-R senior secured floating-rate loans at Libor plus 165 basis points, $93 million of class A-R senior secured floating-rate notes at Libor plus 165 bps, $36 million of class B-R 3.63% senior secured fixed-rate notes, $8.211 million of class C-1-R senior secured deferrable floating-rate notes at Libor plus 310 bps, $15.789 million of class C-2-R 4.57% senior secured deferrable fixed-rate notes, $18 million of class D-R senior secured deferrable floating-rate notes at Libor plus 450 bps, $15 million of class E-R senior secured deferrable floating-rate notes at Libor plus 846 bps and $44.2 million of subordinated notes.
Mount Logan Management LLC will manage the collateral through the end of the reinvestment period on Jan. 22, 2025.
Collateral will come from middle-market speculative-grade senior secured term loans.
The notes can be called starting Dec. 14, 2022.
Greensledge Capital Markets LLC was the placement agent.
The notes were originally managed by Garrison Capital Inc. The CLO’s original issuer was Garrison Funding 2018-1 LP.
| Issuer: | Mount Logan Funding 2018-1 LP/Mount Logan Funding 2018-1 LLC
|
| Issue: | Floating-rate loans, floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $305.2 million
|
| Maturity: | Jan. 22, 2033
|
| Structure: | Cash flow CLO
|
| Placement agent: | Greensledge Capital Markets LLC
|
| Manager: | Mount Logan Management LLC
|
| Call feature: | Dec. 14, 2022
|
| Settlement date: | Dec. 14
|
|
|
| Class A-R loans
|
| Amount: | $75 million
|
| Securities: | Senior secured floating-rate loans
|
| Coupon: | Libor plus 165 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-R notes
|
| Amount: | $93 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $36 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.63%
|
| Rating: | S&P: AA
|
|
|
| Class C-1-R notes
|
| Amount: | $8.211 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 310 bps
|
| Rating: | S&P: A
|
|
|
| Class C-2-R notes
|
| Amount: | $15.789 million
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 4.57%
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $18 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 450 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $15 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 846 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $44.2 million
|
| Securities: | Subordinated notes
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
