By Cristal Cody
Tupelo, Miss., Nov. 17 – AB Private Credit Investors LLC priced $347.65 million of notes due Nov. 18, 2031 in a new middle-market collateralized loan obligation offering, a source said.
ABPCI Direct Lending Fund CLO IX Ltd./ABPCI Direct Lending Fund CLO IX LLC priced $196 million of class A-1 floating-rate notes at Libor plus 195 basis points and $38.5 million of class A-2 floating-rate notes at Libor plus 260 bps.
The CLO also sold $28 million of class B deferrable floating-rate notes at Libor plus 400 bps, $17.5 million of class C deferrable floating-rate notes at Libor plus 603 bps and $67.65 million of subordinated notes.
Barclays was the placement agent.
The CLO has a one-year non-call period and a three-year reinvestment period.
The issue is collateralized primarily by middle-market senior secured loans.
AB Private Credit Investors has priced two middle-market CLOs year to date.
The middle-market lender is a subsidiary of New York-based AllianceBernstein LP.
| Issuer: | ABPCI Direct Lending Fund CLO IX Ltd./ABPCI Direct Lending Fund CLO IX LLC
|
| Amount: | $347.65 million
|
| Maturity: | Nov. 18, 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Middle-market CLO
|
| Placement agent: | Barclays
|
| Manager: | AB Private Credit Investors LLC
|
| Call feature: | One year
|
| Settlement date: | Nov. 18
|
|
|
| Class A-1 notes
|
| Amount: | $196 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 195 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $38.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 260 bps
|
| Ratings: | S&P: AA
|
|
|
| Class B notes
|
| Amount: | $28 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 400 bps
|
| Ratings: | S&P: A
|
|
|
| Class C notes
|
| Amount: | $17.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 603 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Equity
|
| Amount: | $67.65 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
|
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