Chicago, Nov. 24 – AB Private Credit Investors LLC refinanced and extended for $355.2 million the collateralized loan obligation issued by ABPCI Direct Lending Fund CLO IV Ltd./ABPCI Direct Lending Fund CLO IV LLC, according to a pre-sale report.
The notes will mature on Oct. 27, 2033.
The CLO now consists of $171.2 million of class A-1-R senior secured floating-rate notes at Libor plus 153 basis points, $30 million of class A-1L-R senior secured floating-rate loans at Libor plus 153 bps, $17.7 million of class A-2-R senior secured floating-rate notes at Libor plus 175 bps, $21.2 million of class B-R senior secured floating-rate notes at Libor plus 190 bps, $28.3 million of class C-R senior secured deferrable floating-rate notes at Libor plus 265 bps, $23 million of class D-R senior secured deferrable floating-rate notes at Libor plus 390 bps, $7 million of class E-R senior secured deferrable floating-rate notes at Libor plus 816 bps and $56.8 million of subordinated notes.
AB Private Credit Investors LLC will manage the collateral through the end of the reinvestment period on Oct. 27, 2025.
The notes are collateralized by middle-market speculative-grade senior secured term loans.
The notes can be called starting Oct. 27, 2023.
Natixis Securities Americas LLC was the placement agent.
Middle-market lender AB Private Credit Investors is a subsidiary of New York-based AllianceBernstein LP.
| Issuer: | ABPCI Direct Lending Fund CLO IV Ltd./ABPCI Direct Lending Fund CLO IV LLC
|
| Issue: | Floating-rate notes, floating-rate loans and subordinated notes
|
| Amount: | $355.2 million
|
| Maturity: | Oct. 27, 2033
|
| Structure: | Cash flow CLO
|
| Placement agent: | Natixis Securities Americas LLC
|
| Manager: | AB Private Credit Investors LLC
|
| Call feature: | Oct. 27, 2023
|
| Settlement date: | Oct. 20
|
|
|
| Class A-1-R notes
|
| Amount: | $171.2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 153 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1L-R notes
|
| Amount: | $30 million
|
| Securities: | Senior secured floating-rate loans
|
| Coupon: | Libor plus 153 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2-R notes
|
| Amount: | $17.7 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $21.2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $28.3 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 265 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $23 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 390 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $7 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 816 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $56.8 million
|
| Securities: | Subordinated notes
|
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