Chicago, Aug. 2 – Ivy Hill Asset Management LP refinanced and extended the collateralized loan obligation issued by Ivy Hill Middle Market Credit Fund XII Ltd./Ivy Hill Middle Market Credit Fund XII LLC for $662.45 million, according to a pre-sale report.
The notes will mature on July 20, 2033.
The CLO consists of $25 million of class A-1R-R senior secured floating-rate notes at the CP rate plus 160 basis points, $347.9 million of class A-1T-R senior secured floating-rate notes at Libor plus 160 bps, $75.8 million of class A-2A-R senior secured floating-rate notes at Libor plus 190 bps, $10 million of class A-2B-R 3.03% senior secured fixed-rate notes, $49.5 million of class B-R senior secured deferrable floating-rate notes at Libor plus 290 bps, $29.7 million of class C-R senior secured deferrable floating-rate notes at Libor plus 400 bps, $42.9 million of class D-R senior secured deferrable floating-rate notes at Libor plus 817 bps and $81.65 million of subordinated notes.
Ivy Hill Asset Management LP will manage the collateral through the end of the reinvestment period on Oct. 20, 2025.
The notes can be called starting July 20, 2023.
Natixis Securities Americas LLC was the placement agent.
Ivy Hill Asset Management is a New York-based subsidiary of Ares Capital Corp.
| Issuer: | Ivy Hill Middle Market Credit Fund XII Ltd./Ivy Hill Middle Market Credit Fund XII LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $662.45 million
|
| Maturity: | July 20, 2033
|
| Structure: | Cash flow CLO
|
| Placement agent: | Natixis Securities Americas LLC
|
| Manager: | Ivy Hill Asset Management LP
|
| Call feature: | July 20, 2023
|
| Settlement date: | June 28
|
|
|
| Class A-1R-R notes
|
| Amount: | $25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | CP rate plus 160 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1T-R notes
|
| Amount: | $347.9 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2A-R notes
|
| Amount: | $75.8 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | S&P: AA
|
|
|
| Class A-2B-R notes
|
| Amount: | $10 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.03%
|
| Rating: | S&P: AA
|
|
|
| Class B-R notes
|
| Amount: | $49.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 290 bps
|
| Rating: | S&P: A-
|
|
|
| Class C-R notes
|
| Amount: | $29.7 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 400 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D-R notes
|
| Amount: | $42.9 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 817 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $81.65 million
|
| Securities: | Subordinated notes
|
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