Chicago, June 7 – Bain Capital Credit U.S. CLO Manager LLC sold $505.7 million of notes in a collateralized loan obligation issued by Bain Capital Credit CLO 2021-3 Ltd./Bain Capital Credit CLO 2021-3 LLC, according to a pre-sale report.
The notes mature July 24, 2034.
The notes include the $307.5 million of class A senior secured floating-rate notes at Libor plus 116 basis points, $72.5 million of class B senior secured floating-rate notes at Libor plus 165 bps, $30 million of class C senior secured deferrable floating-rate notes at Libor plus 200 bps, $30 million of class D senior secured deferrable floating-rate notes at Libor plus 310 bps and $17.5 million of class E senior secured deferrable floating-rate notes at Libor plus 650 bps.
Additionally, there are $48.2 million of subordinated notes.
The reinvestment period ends in five years.
The collateral pool consists of broadly syndicated speculative-grade senior secured term loans, managed by Bain.
Citigroup Global Markets Inc. is the placement agent.
The notes come with two years of call protection.
The asset management firm is based in Boston.
| Issuers: | Bain Capital Credit CLO 2021-3 Ltd./Bain Capital Credit CLO 2021-3 LLC
|
| Issue: | Floating-rate and subordinated notes
|
| Amount: | $505.7 million
|
| Maturity: | July 24, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Bain Capital Credit U.S. CLO Manager LLC
|
| Call feature: | July 24, 2023
|
| Settlement date: | June 8
|
|
|
| Class A notes
|
| Amount: | $307.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 116 bps
|
| Rating: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $72.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 310 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $17.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 650 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $48.2 million
|
| Securities: | Subordinated notes
|
|
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