Chicago, May 8 – MidOcean Credit RR Manager LLC sold $353.13 million in a collateralized loan obligation being issued by MidOcean Credit CLO XII Ltd., according to multiple press releases.
The notes will mature on April 18, 2034.
The CLO consists of $217 million of class A-1 senior secured floating-rate notes at SOFR plus 200 basis points, $14 million of class A-2 senior secured floating-rate notes at SOFR plus 215 bps, $33.25 million of class B senior secured floating-rate notes at SOFR plus 255 bps, $19.25 million of class C deferrable mezzanine secured floating-rate notes at SOFR plus 330 bps, $17.5 million of class D-1 deferrable mezzanine secured floating-rate notes at SOFR plus 620 bps, $7 million of class D-2 deferrable mezzanine secured floating-rate notes at SOFR plus 780 bps, $10.5 million of class E deferrable junior secured floating-rate notes at SOFR plus 866 bps and $34.63 million of subordinated notes.
MidOcean Credit RR Manager LLC will manage the collateral through the end of the reinvestment period on April 20, 2026.
Collateral for the notes consists of first-lien senior secured leveraged loans.
The notes can be called starting April 18, 2024.
The CLO manager is an affiliate of New York City-based private equity firm MidOcean Partners.
| Issuer: | MidOcean Credit CLO XII Ltd.
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $353.13 million
|
| Maturity: | April 18, 2034
|
| Structure: | Cash flow CLO
|
| Manager: | MidOcean Credit RR Manager LLC
|
| Call feature: | April 18, 2024
|
| Settlement date: | April 24
|
|
|
| Class A-1 notes
|
| Amount: | $217 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 200 bps
|
| Rating: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $14 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 215 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $33.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 255 bps
|
| Rating: | Fitch: AA
|
|
|
| Class C notes
|
| Amount: | $19.25 million
|
| Securities: | Deferrable mezzanine secured floating-rate notes
|
| Coupon: | SOFR plus 330 bps
|
| Rating: | Fitch: A
|
|
|
| Class D-1 notes
|
| Amount: | $17.5 million
|
| Securities: | Deferrable mezzanine secured floating-rate notes
|
| Coupon: | SOFR plus 620 bps
|
| Rating: | Fitch: BBB
|
|
|
| Class D-2 notes
|
| Amount: | $7 million
|
| Securities: | Deferrable mezzanine secured floating-rate notes
|
| Coupon: | SOFR plus 780 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | $10.5 million
|
| Securities: | Deferrable junior secured floating-rate notes
|
| Coupon: | SOFR plus 866 bps
|
| Rating: | Fitch: BB-
|
|
|
| Subordinated notes
|
| Amount: | $34.63 million
|
| Securities: | Subordinated notes
|
|
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