By Cristal Cody
Tupelo, Miss., Aug. 23 – MidCap Financial Services Capital Management LLC priced $353,325,000 of notes due Oct. 18, 2029 in a new middle-market collateralized loan obligation deal, according to a market source.
Woodmont 2017-3 Trust LP/Woodmont Trust 2017-3 GP/Woodmont 2017-3 LLC sold $196 million of class A-1 floating-rate notes at a discount margin of Libor plus 172.5 basis points.
The deal also included $19.25 million of class A-2 floating-rate notes; $22.75 million of class B floating-rate notes; $24.5 million of class C deferrable floating-rate notes; $21.5 million of class D deferrable floating-rate notes; $22.25 million of class E deferrable floating-rate notes and $47,075,000 of subordinated notes. Additional pricing details on the tranches was not immediately available.
Wells Fargo Securities LLC was the placement agent.
MidCap Financial Services will manage the CLO.
The CLO has a two-year non-call period and a four-year reinvestment period.
The deal is backed primarily by middle-market senior secured loans.
Mid-Cap has priced three middle-market CLOs year to date.
The Bethesda, Md.-based firm is managed by Apollo Capital Management, LP, a subsidiary of Apollo Global Management LLC.
| Issuer: | Woodmont 2017-3 Trust LP/Woodmont Trust 2017-3 GP/Woodmont 2017-3 LLC
|
| Amount: | $353,325,000
|
| Maturity: | Oct. 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
|
| Call feature: | Two years
|
| Pricing date: | Aug. 10
|
| Settlement date: | Sept. 7
|
|
|
| Class A-1 notes
|
| Amount: | $196 million
|
| Securities: | Floating-rate notes
|
| Discount margin: | Libor plus 172.5 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $19.25 million
|
| Securities: | Floating-rate notes
|
| Ratings: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $22.75 million
|
| Securities: | Floating-rate notes
|
| Ratings: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Ratings: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $21.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Ratings: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $22.25 million
|
| Securities: | Deferrable floating-rate notes
|
| Ratings: | S&P: BB
|
|
|
| Equity
|
| Amount: | $47,075,000
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
|
|
|
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