AB Private Credit Investors to sell inaugural CLO for $351.3 million

By Christine Van Dusen

Atlanta, Dec. 9 – AB Private Credit Investors LLC is planning to sell its inaugural CLO via the APCBI Direct Lending Fund CLO I Ltd. for $351.30 million, according to a presale report from S&P Global Ratings.

The offering will be a middle-market CLO, due in December 2028.

The deal includes $240.6 million of class A floating-rate notes at Libor plus 270 basis points, $22.8 million class B deferrable floating-rate notes at Libor plus 592 bps and $87.9 million subordinated notes.

A pro rata percentage of both the collateral and notes can potentially be partitioned off into separate entities on either of the first static date in December 2018 or the second static date in December 2019.

The transaction will be collateralized by at least 85% senior secured loans, with a minimum of 95% of the loan issuers required to be based in the United States.

A maximum of 10% of the loans in the collateral pool can be covenant-lite.

The CLO will have a non-call period ending in December 2018.

AB Private Credit Investors is the collateral manager. Natixis Securities Americas LLC is the placement agent.

AB Private Credit Investors is the middle market direct lending platform for Atlanta-based AllianceBernstein LP.

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