By Cristal Cody
Tupelo, Miss., July 26 – MidCap Financial Services Capital Management LLC priced $405.56 million of notes due July 25, 2030 in a new middle-market collateralized loan obligation deal, according to a market source.
Woodmont 2018-5 Trust sold $220.75 million of class A-1 senior secured floating-rate notes at Libor plus 145 basis points; $21.25 million of class A-2 senior secured floating-rate notes at Libor plus 165 bps; $34 million of class B senior secured floating-rate notes at Libor plus 190 bps; $30 million of class C secured deferrable floating-rate notes at Libor plus 280 bps; $26 million of class D secured deferrable floating-rate notes at Libor plus 385 bps; $24 million of class E secured deferrable floating-rate notes at Libor plus 710 bps and $49.56 million of certificates.
Deutsche Bank Securities Inc. 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.
The CLO manager has priced two new CLOs year to date.
Mid-Cap priced three middle-market CLOs in 2017.
The Bethesda, Md.-based firm is managed by Apollo Capital Management, LP, a subsidiary of Apollo Global Management LLC.
| Issuer: | Woodmont 2018-5 Trust
|
| Amount: | $405.56 million
|
| Maturity: | July 25, 2030
|
| Securities: | Floating-rate notes and certificates
|
| Structure: | Middle-market CLO
|
| Placement agent: | Deutsche Bank Securities Inc.
|
| Manager: | MidCap Financial Services Capital Management LLC
|
| Call feature: | Two years
|
| Pricing date: | July 20
|
| Settlement date: | Aug. 21
|
|
|
| Class A-1 notes
|
| Amount: | $220.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $21.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $34 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 280 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $26 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 385 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $24 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 710 bps
|
| Rating: | S&P: BB
|
|
|
| Equity
|
| Amount: | $49.56 million
|
| Securities: | Certificates
|
| Ratings: | Non-rated
|
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