By Cristal Cody
Tupelo, Miss., June 23 – MidOcean Credit Fund Management LP sold $518 million of notes due July 21, 2026 in a collateralized loan obligation deal, according to a market source on Monday.
MidOcean Credit CLO III/MidOcean Credit CLO III LLC priced $312.5 million of class A floating-rate notes (Aaa/AAA/) at Libor plus 146 basis points.
The CLO sold $62.5 million of class B floating-rate notes (/AA/) at Libor plus 200 bps; $36.25 million of class C deferrable floating-rate notes (/A/) at Libor plus 290 bps; $27.5 million of class D deferrable floating-rate notes (/BBB/) at Libor plus 375 bps; $23.75 million of class E deferrable floating-rate notes (/BB/) at Libor plus 525 bps and $11.25 million of class F deferrable floating-rate notes (/B/) at Libor plus 600 bps.
The offering included $44.25 million of income notes in the equity tranche.
Credit Suisse Securities (USA) LLC arranged the deal.
MidOcean Credit Fund will manage the CLO.
The CLO has a two-year non-call period and a four-year reinvestment period.
Collateral consists of broadly syndicated senior secured corporate loans.
The affiliate of New York City-based private equity firm MidOcean Partners has priced a total of three CLO deals since January 2013.
Issuer: | MidOcean Credit CLO III/MidOcean Credit CLO III LLC
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Amount: | $518 million
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Maturity: | July 21, 2026
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Securities: | Floating-rate and income notes
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Structure: | Cash flow CLO
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Placement agent: | Credit Suisse Securities (USA) LLC
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Manager: | MidOcean Credit Fund Management LP
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Call feature: | 2016
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Pricing date: | June 23
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Settlement date: | July 22
|
|
Class A notes
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Amount: | $312.5 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 146 bps
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Ratings: | Moody’s: Aaa
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| Standard & Poor’s: AAA
|
|
Class B notes
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Amount: | $62.5 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 200 bps
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Rating: | Standard & Poor’s: AA
|
|
Class C notes
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Amount: | $36.25 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 290 bps
|
Rating: | Standard & Poor’s: A
|
|
Class D notes
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Amount: | $27.5 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 375 bps
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Rating: | Standard & Poor’s: BBB
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|
Class E notes
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Amount: | $23.75 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 525 bps
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Rating: | Standard & Poor’s: BB
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|
Class F notes
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Amount: | $11.25 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 600 bps
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Rating: | Standard & Poor’s: B
|
|
Equity tranche
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Amount: | $44.25 million
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Securities: | Income notes
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Ratings: | Non-rated
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