By Cristal Cody
Tupelo, Miss., May 4 – Maranon Capital, LP priced $625.38 million of notes due April 15, 2030 in a new middle-market collateralized loan obligation deal, according to a market source.
Maranon Loan Funding 2018-1 Ltd./Maranon Loan Funding 2018-1 LLC sold $319 million of class A-1 floating-rate notes at Libor plus 147 basis points; $40 million of 4.363% class A-2 fixed-rate notes; $53.4 million of class B floating-rate notes at Libor plus 185 bps; $18.95 million of class C-1 floating-rate notes at Libor plus 240 bps; $31.05 million of class C-2 floating-rate notes at Libor plus 240 bps; $48.44 million of class D floating-rate notes at Libor plus 375 bps; $45.3 million of class E floating-rate-notes at Libor plus 800 bps and $69.24 million of subordinated notes.
Wells Fargo Securities LLC was the placement agent.
Maranon Management LLC will manage the CLO.
The CLO has a two-year non-call period and a four-year reinvestment period.
The transaction is collateralized primarily by middle-market senior secured loans.
The Chicago-based investment management firm provides middle-market financing services.
| Issuer: | Maranon Loan Funding 2018-1 Ltd./Maranon Loan Funding 2018-1 LLC
|
| Amount: | $625.38 million
|
| Maturity: | April 15, 2030
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Middle-market CLO
|
| Placement agent: | Wells Fargo Securities LLC
|
| Manager: | Maranon Management LLC
|
| Call feature: | Two years
|
| Pricing date: | April 20
|
| Settlement date: | May 3
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-1 notes
|
| Amount: | $319 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 147 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $40 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 4.363%
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $53.4 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-1 notes
|
| Amount: | $18.95 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Rating: | S&P: A
|
|
|
| Class C-2 notes
|
| Amount: | $31.05 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $48.44 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 375 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $45.3 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 800 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $69.24 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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