Chicago, March 11 – Bardin Hill Performing Credit Management LLC has sold $422 million of notes in a new collateralized loan obligation transaction being issued by Bardin Hill CLO 2021-1 Ltd.
The notes, with an April 17, 2034 maturity, include $248 million of class A senior secured floating-rate notes at Libor plus 139 basis points, $52 million of class B senior secured floating-rate notes at Libor plus 185 bps, $70 million of class C 2.25% mezzanine secured deferrable fixed-rate notes, $20 million of class D 5% junior secured deferrable fixed-rate notes and $32 million of variable dividend notes.
Bardin Hill will manage the portfolio through the five-year reinvestment period.
Collateral will mostly be broadly syndicated senior secured corporate loans.
The portfolio will be approximately 91% ramped as of closing.
Barclays is the underwriter.
Bardin Hill is a New York City-based investment management firm.
| Issuer: | Bardin Hill CLO 2021-1 Ltd.
|
| Issue: | Floating-rate, fixed-rate and variable dividend notes
|
| Structure: | Cash flow CLO
|
| Amount: | $422 million
|
| Maturity: | April 17, 2034
|
| Placement agent: | Barclays
|
| Manager: | Bardin Hill Performing Credit Management LLC
|
| Announcement date: | March 11
|
| Settlement date: | March 11
|
|
|
| Class A notes
|
| Amount: | $248 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 139 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B notes
|
| Amount: | $52 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class C notes
|
| Amount: | $70 million
|
| Securities: | Mezzanine secured deferrable fixed-rate notes
|
| Coupon: | 2.25%
|
|
|
| Class D notes
|
| Amount: | $20 million
|
| Securities: | Junior secured deferrable fixed-rate notes
|
| Coupon: | 5%
|
|
|
| Variable dividend notes
|
| Amount: | $32 million
|
| Securities: | Variable dividend 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.
