By Cristal Cody
Tupelo, Miss., Aug. 22 – Monroe Capital Management, LLC priced $357.84 million of notes due Oct. 15, 2026 in a middle market-backed collateralized loan obligation deal, according to market sources.
Monroe Capital CLO 2014-1 Ltd./Monroe Capital CLO 2014-1 LLC sold $137 million of class A-1 floating-rate notes (Aaa/AAA/) at Libor plus 180 basis points.
The CLO also sold $40 million of class A-2 floating-rate notes (Aaa/AAA/); $42.25 million of class B-1 floating-rate notes (Aa2); $7 million of class B-2 fixed-rate notes (Aa2); $34.5 million of class C deferrable floating-rate notes (A2); $27 million of class D deferrable floating-rate notes (Baa3); $20 million of class E deferrable floating-rate notes (Ba2) and $50.09 million of subordinated notes.
Deutsche Bank Securities Inc. arranged the transaction.
Monroe Capital Management will manage the CLO.
The CLO has a two-year non-call period and a four-year reinvestment period.
The offering is collateralized mainly by small and medium enterprise and broadly syndicated senior secured corporate loans.
The Chicago-based middle market commercial lending firm is an affiliate of Monroe Capital LLC.
Issuer: | Monroe Capital CLO 2014-1 Ltd./Monroe Capital CLO 2014-1 LLC
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Amount: | $357.84 million
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Maturity: | Oct. 15, 2026
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Securities: | Fixed-rate, floating-rate and subordinated notes
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Structure: | Cash flow CLO
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Placement agent: | Deutsche Bank Securities Inc.
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Manager: | Monroe Capital Management, LLC
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Call feature: | 2016
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Pricing date: | Aug. 21
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Settlement date: | Sept. 14
|
|
Class A-1 notes
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Amount: | $137 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 180 bps
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Ratings: | Moody’s: Aaa
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| Standard & Poor’s: AAA
|
|
Class A-2 notes
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Amount: | $40 million
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Securities: | Floating-rate notes
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Ratings: | Moody’s: Aaa
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| Standard & Poor’s: AAA
|
|
Class B-1 notes
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Amount: | $42.25 million
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Securities: | Floating-rate notes
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Rating: | Moody’s: Aa2
|
|
Class B-2 notes
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Amount: | $7 million
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Securities: | Fixed-rate notes
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Rating: | Moody’s: Aa2
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|
Class C notes
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Amount: | $34.5 million
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Securities: | Deferrable floating-rate notes
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Rating: | Moody’s: A2
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Class D notes
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Amount: | $27 million
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Securities: | Deferrable floating-rate notes
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Rating: | Moody’s: Baa3
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|
Class E notes
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Amount: | $20 million
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Securities: | Deferrable floating-rate notes
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Rating: | Moody’s: Ba2
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|
Equity tranche
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Amount: | $50.09 million
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Securities: | Subordinated notes
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Ratings: | Non-rated
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