By Cristal Cody
Tupelo, Miss., Dec. 20 - MCF Capital Management LLC priced a $305.9 million collateralized loan obligation offering of notes due Jan. 20, 2024, according to a market source.
The MCF CLO III LLC vehicle sold $173.25 million of class A senior secured floating-rate notes (/AAA/) at Libor plus 185 basis points; $25 million of class B senior secured floating-rate notes (/AA/) at Libor plus 250 bps; $22.25 million of class C deferrable floating-rate notes (/A/) at Libor plus 285 bps; $17 million of class D deferrable floating-rate notes (/BBB/) at Libor plus 310 bps; $25.5 million of class E deferrable floating-rate notes (/BB/) at Libor plus 445 bps and $42.9 million of subordinated notes.
Wells Fargo Securities LLC arranged the offering.
The deal is backed by a revolving pool of middle market senior secured loans.
The CLO is non-callable until Jan. 20, 2016. The reinvestment period ends Jan. 20, 2017.
MCF Capital Management, a Laguna Hills, Calif.-based middle market loan firm, was last in the market in February with the $327.282 million MCF CLO I LLC deal.
| Issuer: | MCF CLO III LLC
|
| Amount: | $305.9 million
|
| Maturity: | Jan. 20, 2024
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Wells Fargo Securities LLC
|
| Manager: | MCF Capital Management LLC
|
| Call feature: | Jan. 20, 2016
|
| Settlement date: | Jan. 8
|
|
|
| Class A notes
|
| Amount: | $173.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Rating: | Standard & Poor's: AAA
|
|
|
| Class B notes
|
| Amount: | $25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 250 bps
|
| Rating: | Standard & Poor's: AA
|
|
|
| Class C notes
|
| Amount: | $22.25 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 285 bps
|
| Rating: | Standard & Poor's: A
|
|
|
| Class D notes
|
| Amount: | $17 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 310 bps
|
| Rating: | Standard & Poor's: BBB
|
|
|
| Class E notes
|
| Amount: | $25.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 445 bps
|
| Rating: | Standard & Poor's: BB
|
|
|
| Equity tranche
|
| Amount: | $42.9 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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