Chicago, Sept. 29 – Bain Capital Credit U.S. CLO Manager II, LP sold €407.5 million in a collateralized loan obligation issued by Bain Capital Euro CLO 2022-2 DAC, according to the listing particulars and multiple press releases.
The notes will mature on July 22, 2036.
The CLO consists of €240 million of class A senior secured floating-rate notes at Euribor plus 210 basis points, €26.4 million of class B-1 senior secured floating-rate notes at Euribor plus 408 bps, €10 million of class B-2 6.5% senior secured fixed-rate notes, €22.8 million of class C senior secured deferrable floating-rate notes at Euribor plus 485 bps, €25.2 million of class D senior secured deferrable floating-rate notes at Euribor plus 626 bps, €15.6 million of class E senior secured deferrable floating-rate notes at Euribor plus 819 bps, €22 million of class F senior secured deferrable floating-rate notes at Euribor plus 900 bps, €500,000 of class M variable-rate notes and €45 million of subordinated notes.
Bain Capital Credit U.S. CLO Manager II, LP will manage the collateral through the end of the reinvestment period on Jan. 22, 2027.
Collateral for the notes consists of senior secured loans and senior secured bonds.
The notes can be called starting Jan. 22, 2024.
Barclays was the placement agent.
Bain Capital, a Boston-based asset management firm, is a subsidiary of Bain Capital LP.
| Issuer: | Bain Capital Euro CLO 2022-2 DAC
|
| Issue: | Floating-rate notes, fixed-rate notes, variable-rate notes and subordinated notes
|
| Amount: | €407.5 million
|
| Maturity: | July 22, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | Bain Capital Credit U.S. CLO Manager II, LP
|
| Call feature: | Jan. 22, 2024
|
| Pricing date: | Sept. 6
|
| Settlement date: | Sept. 7
|
|
|
| Class A notes
|
| Amount: | €240 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 210 bps
|
| Price: | Par
|
| Rating: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €26.4 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 408 bps
|
| Price: | 97.5
|
| Rating: | S&P: AA
|
| Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €10 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 6.5%
|
| Price: | 97.25
|
| Rating: | S&P: AA
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €22.8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 485 bps
|
| Price: | 96
|
| Rating: | S&P: A
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €25.2 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 626 bps
|
| Price: | 94
|
| Rating: | S&P: BBB-
|
| Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | €15.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 819 bps
|
| Price: | 88.5
|
| Rating: | S&P: BB-
|
| Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | €22 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 900 bps
|
| Price: | Par
|
| Rating: | S&P: B-
|
| Fitch: B-
|
|
|
| Class M notes
|
| Amount: | €0.5 million
|
| Securities: | Variable-rate-rate notes
|
| Price: | 0.01
|
|
|
| Subordinated notes
|
| Amount: | €45 million
|
| Securities: | Subordinated notes
|
| Price: | Par
|
|
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