By Cristal Cody
Tupelo, Miss., Nov. 23 – Maranon Capital, LP priced $363,625,000 of notes and loans due Jan. 15, 2034 in the manager’s first middle-market collateralized loan obligation offering of 2020, according to market sources.
Maranon Loan Funding 2020-1 Ltd./Maranon Loan Funding 2020-1 LLC sold $111.5 million of class A floating-rate notes at Libor plus 195 basis points, $85.4 million of class A-1L loans at Libor plus 195 bps, $10 million of class B-1 floating-rate notes at Libor plus 260 bps and $24.1 million of 3.08% class B-2 fixed-rate notes.
The CLO also priced $86,625,000 of 4.5% class C deferrable fixed-rate notes, $21 million of 8.5% class D deferrable fixed-rate notes and $25 million of subordinated notes.
Morgan Stanley & Co. LLC was the placement agent.
The CLO has a one-year non-call period and a three-year reinvestment period.
The transaction is collateralized primarily by middle-market senior secured loans.
Maranon Capital is a Chicago-based investment management firm that provides middle-market financing services.
| Issuer: | Maranon Loan Funding 2020-1 Ltd./Maranon Loan Funding 2020-1 LLC
|
| Amount: | $363,625,000
|
| Maturity: | Jan. 15, 2034
|
| Securities: | Loans and fixed-rate, floating-rate and subordinated notes
|
| Structure: | Middle-market CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | Maranon Capital LP
|
| Call feature: | One year
|
| Settlement date: | Dec. 8
|
|
|
| Class A notes
|
| Amount: | $111.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 195 bps
|
| Ratings: | S&P: AAA
|
| Kroll: AAA
|
|
|
| Class A-1L loans
|
| Amount: | $85.4 million
|
| Securities: | Loans
|
| Coupon: | Libor plus 195 bps
|
| Ratings: | S&P: AAA
|
| Kroll: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $10 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 260 bps
|
| Ratings: | S&P: AA
|
| Kroll: AA
|
|
|
| Class B-2 notes
|
| Amount: | $24.1 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.08%
|
| Ratings: | S&P: AA
|
| Kroll: AA
|
|
|
| Class C notes
|
| Amount: | $86,625,000
|
| Securities: | Deferrable fixed-rate notes
|
| Coupon: | 4.5%
|
| Ratings: | S&P: Non-rated
|
| Kroll: BBB-
|
|
|
| Class D notes
|
| Amount: | $21 million
|
| Securities: | Deferrable fixed-rate notes
|
| Coupon: | 8.5%
|
| Ratings: | S&P: Non-rated
|
| Kroll: BB-
|
|
|
| Equity
|
| Amount: | $25 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
|
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