By Cristal Cody
Tupelo, Miss., Sept. 10 – Additional details emerged for Monroe Capital Management, LLC’s $358.07 million middle market-backed collateralized loan obligation offering, which was set to close on Wednesday.
Monroe Capital CLO 2014-1 Ltd./Monroe Capital CLO 2014-1 LLC sold $132.6 million of class A-1 floating-rate notes (Aaa/AAA/) at Libor plus 180 basis points and $44.4 million of class A2 floating-rate notes (Aaa/AAA/) at Libor plus 160 bps, according to a market source.
The CLO also sold $41.5 million of class B-1 floating-rate notes (Aa2) at Libor plus 275 bps; $7.75 million of 5.01% class B-2 fixed-rate notes (Aa2); $34.5 million of class C deferrable floating-rate notes (A2) at Libor plus 355 bps; $27 million of class D deferrable floating-rate notes (Baa3) at Libor plus 473 bps; $20 million of class E deferrable floating-rate notes (Ba2) at Libor plus 540 bps and $50.32 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 notes are due Oct. 15, 2026.
The offering is collateralized mostly by small and medium enterprise and broadly syndicated senior secured corporate loans.
Monroe Capital Management is a Chicago-based middle market commercial lending firm and affiliate of Monroe Capital LLC.
| Issuer: | Monroe Capital CLO 2014-1 Ltd./Monroe Capital CLO 2014-1 LLC
|
| Amount: | $358.07 million
|
| Maturity: | Oct. 15, 2026
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Deutsche Bank Securities Inc.
|
| Manager: | Monroe Capital Management, LLC
|
| Call feature: | 2016
|
| Pricing date: | Aug. 20
|
| Settlement date: | Sept. 10
|
|
|
| Class A-1 notes
|
| Amount: | $132.6 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $44.4 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $41.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 275 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B-2 notes
|
| Amount: | $7.75 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 5.01%
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | $34.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 355 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $27 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 473 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $20 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 540 bps
|
| Rating: | Moody’s: Ba2
|
|
|
| Equity tranche
|
| Amount: | $50.32 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
