By Cristal Cody
Tupelo, Miss., Feb. 17 – Midcap Financial Services Capital Management LLC priced a debut $506.2 million middle-market collateralized loan obligation, according to details from a market source.
Woodmont 2017-1 Trust sold $284.3 million of class A floating-rate notes at Libor plus 205 basis points; $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.
Wells Fargo Securities LLC was the deal arranger.
The CLO manager is Midcap Financial Services.
The notes are due April 18, 2029.
The deal 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: | $506.2 million
|
| Maturity: | April 18, 2029
|
| Securities: | Floating-rate notes and certificates
|
| Structure: | Cash flow CLO
|
| Placement agent: | Wells Fargo Securities LLC
|
| Manager: | Midcap Financial Services Capital Management LLC
|
| Pricing date: | Feb. 7
|
| Settlement date: | Feb. 23
|
|
|
| Class A notes
|
| Amount: | $284.3 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Ratings: | Moody’s: Aaa expected
|
| S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $48.6 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 275 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $37.9 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 375 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $30.7 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 505 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $33.2 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 860 bps
|
| Rating: | S&P: BB
|
|
|
| Equity
|
| Amount: | $71.5 million
|
| Securities: | Certificates
|
| Rating: | Non-rated
|
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