By Cristal Cody
Tupelo, Miss., Oct. 13 – MidCap Financial Services Capital Management LLC priced $651,825,000 of notes in a refinancing of a vintage 2017 middle-market collateralized loan obligation, according to market sources.
Woodmont 2017-1 Trust sold $373.75 million of class A-1-R senior secured floating-rate notes at Libor plus 200 basis points, $16.25 million of class A-2-R senior secured floating-rate notes at Libor plus 240 bps and $45.5 million of class B-R senior secured floating-rate notes at Libor plus 260 bps.
The CLO priced $52 million of class C-R secured deferrable floating-rate notes at Libor plus 380 bps, $32.5 million of class D-R secured deferrable floating-rate notes at Libor plus 540 bps, $45.5 million of class E-R secured deferrable floating-rate notes at Libor plus 906 bps and $86,325,000 of certificates.
Wells Fargo Securities LLC was the refinancing agent.
In the original $506.2 million offering issued Feb. 23, 2017, the CLO sold $284.3 million of class A floating-rate notes at Libor plus 205 bps; $48.6 million of class B floating-rate notes at Libor plus 275 bps; $37.9 million of class C deferrable floating-rate notes at Libor plus 375 bps; $30.7 million of class D deferrable floating-rate notes at Libor plus 505 bps; $33.2 million of class E deferrable floating-rate notes at Libor plus 860 bps and $71.5 million of certificates in the equity tranche.
The maturity on the refinanced notes was extended to Oct. 18, 2032 from the original April 18, 2029 maturity.
The refinanced CLO has a one-year non-call period and a three-year reinvestment period.
The CLO is backed by middle-market senior secured term loans.
Bethesda, Md.-based MidCap Financial Services is managed by Apollo Capital Management, LP, a subsidiary of Apollo Global Management LLC.
| Issuer: | Woodmont 2017-1 Trust
|
| Amount: | $651,825,000 refinancing
|
| Maturity: | Oct. 18, 2032
|
| Securities: | Floating-rate notes and certificates
|
| Structure: | Middle-market CLO
|
| Refinancing agent: | Wells Fargo Securities LLC
|
| Manager: | MidCap Financial Services Capital Management LLC
|
| Call feature: | One year
|
| Settlement date: | Oct. 19
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-1-R notes
|
| Amount: | $373.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class A-2-R notes
|
| Amount: | $16.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $45.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 260 bps
|
| Ratings: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $52 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 380 bps
|
| Ratings: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $32.5 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 540 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $45.5 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 906 bps
|
| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $86,325,000
|
| Securities: | Certificates
|
| Ratings: | Non-rated
|
|
|
|
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