By Cristal Cody
Tupelo, Miss., Feb. 21 - MCF CLO I LLC priced $327.282 million of floating-rate notes due April 2023 in a collateralized loan obligation offering that closes on Friday, according to a market source.
The first tranche of $188.5 million of class A senior secured notes (Aaa/AAA) priced at three-month Libor plus 165 basis points.
The CLO also sold $26.5 million of class B senior secured floating-rate notes (Aa2//) at three-month Libor plus 275 bps; $33.5 million of class C secured deferrable floating-rate notes (A2//) at three-month Libor plus 355 bps; $13.25 million of class D secured deferrable floating-rate notes (Baa2//) at three-month Libor plus 440 bps; $26 million of class E secured deferrable floating-rate notes (Ba2//) at three-month Libor plus 575 bps; and $39.532 million of subordinated notes.
Wells Fargo Securities LLC was the arranger.
MCF Capital Management LLC is the collateral manager.
Proceeds will be used to repay an existing loan facility by Kirkwood Fund I LLC, which will be renamed MCF CLO I LLC as part of the offering.
MCF is a financial vehicle structured like a cash-flow CLO that is backed by a $325 million portfolio of senior secured loans to middle market corporate borrowers.
| Issuer: | MCF CLO I LLC
|
| Amount: | $327.28 million
|
| Maturity: | April 2023
|
| Securities: | Floating-rate notes
|
| Structure: | Cash-flow CLO
|
| Placement agent: Wells Fargo Securities LLC
|
| Manager: | MCF Capital Management LLC
|
| Call feature: | Non-callable for two years; after callable in whole on any quarterly payment date
|
| Settlement date: | Feb. 22
|
|
|
| Class A
|
| Amount: | $188.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
|
|
| Class B
|
| Amount: | $26.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 275 bps
|
| Ratings | Moody's: Aa2
|
|
|
| Class C
|
| Amount: | $33.5 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 355 bps
|
| Ratings: | Moody's: A2
|
|
|
| Class D
|
| Amount: | $13.25 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 440 bps
|
| Ratings: | Moody's: Baa2
|
|
|
| Class E
|
| Amount: | $26 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 575 bps
|
| Ratings: | Moody's: Ba2
|
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