By Cristal Cody
Tupelo, Miss., Oct. 21 – Bain Capital Credit LP issued $446,375,000 of notes due Oct. 23, 2032 in the manager’s third collateralized loan obligation offering of the year, according to market sources.
Bain Capital Credit CLO 2020-3 Ltd./Bain Capital Credit CLO 2020-3 LLC sold $279 million of class A floating-rate notes at Libor plus 138 basis points and $63 million of class B floating-rate notes at Libor plus 190 bps.
Bain Capital 2020-3 sold $27 million of class C deferrable floating-rate notes at Libor plus 260 bps, $24.75 million of class D deferrable floating-rate notes at Libor plus 375 bps, $14,625,000 of class E deferrable floating-rate notes at Libor plus 750 bps and $38 million of subordinated notes.
BofA Securities Inc. was the placement agent.
Bain Capital Credit U.S. CLO Manager LLC will manage the CLO.
The CLO has a one-year non-call period and a three-year reinvestment period.
The offering is backed primarily by broadly syndicated first-lien senior secured loans.
Bain Capital has priced three new CLOs year to date.
The asset management firm is based in Boston.
| Issuer: | Bain Capital Credit CLO 2020-3 Ltd./Bain Capital Credit CLO 2020-3 LLC
|
| Amount: | $446,375,000
|
| Maturity: | Oct. 23, 2032
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Securities Inc.
|
| Manager: | Bain Capital Credit U.S. CLO Manager LLC
|
| Call feature: | One year
|
| Pricing date: | Sept. 9
|
| Settlement date: | Oct. 20
|
|
|
| Class A notes
|
| Amount: | $279 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 138 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $63 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Ratings: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $27 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 260 bps
|
| Ratings: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $24.75 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 375 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $14,625,000
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 750 bps
|
| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $38 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
|
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