Chicago, May 22 – Bain Capital Credit U.S. CLO Manager II, LP priced $499.5 million of notes in a collateralized loan obligation being issued by Bain Capital Credit CLO 2023-2, Ltd., according to a presale report.
The notes will mature on July 2036.
The CLO consists of $300 million of class A-1 floating-rate notes at SOFR plus 190 basis points, $20 million of class A-2 floating-rate notes at SOFR plus 230 bps, $60 million of class B floating-rate notes at SOFR plus 260 bps, $27.5 million of class C floating-rate notes at SOFR plus 350 bps, $30 million of class D floating-rate notes at SOFR plus 583 bps, $17.5 million of class E floating-rate notes at SOFR plus 809 bps and $44.5 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 July 18, 2028.
Collateral for the notes consists of non-investment-grade broadly syndicated loans and other assets.
The notes can be called starting July 2025.
Mizuho Securities USA LLC was the placement agent.
Bain Capital, a Boston-based asset management firm, is a subsidiary of Bain Capital LP.
| Issuer: | Bain Capital Credit CLO 2023-2, Ltd.
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $499.5 million
|
| Maturity: | July 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | Mizuho Securities USA LLC
|
| Manager: | Bain Capital Credit U.S. CLO Manager II, LP
|
| Call feature: | July 2025
|
| Settlement date: | June 21
|
|
|
| Class A-1 notes
|
| Amount: | $300 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 190 bps
|
| Rating: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $20 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 230 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $60 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 260 bps
|
| Rating: | Fitch: AA
|
|
|
| Class C notes
|
| Amount: | $27.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 350 bps
|
| Rating: | Fitch: AA
|
|
|
| Class D notes
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| Amount: | $30 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 583 bps
|
| Rating: | Fitch: A
|
|
|
| Class E notes
|
| Amount: | $17.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 809 bps
|
| Rating: | Fitch: A
|
|
|
| Subordinated notes
|
| Amount: | $44.5 million
|
| Securities: | Subordinated notes
|
|
|
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