By Cristal Cody
Tupelo, Miss., July 22 – Madison Capital Funding LLC priced $302.85 million of notes due April 20, 2029 in a refinancing of a vintage 2017 middle-market CLO deal, according to a market source.
MCF CLO V LLC sold $173.5 million of class A-R floating-rate notes (AAA/AAA) at Libor plus 155 basis points, $25 million of class B-R floating-rate notes (AA) at Libor plus 220 bps, $23.5 million of class C-R floating-rate notes (A) at Libor plus 320 bps and $18 million of class D-R floating-rate notes (BBB-) at Libor plus 445 bps.
Natixis Securities Americas LLC was the refinancing placement agent for the Rule 144A and Regulation S deal.
Madison Capital Funding will continue to manage the CLO.
In the original $302.85 million transaction issued March 9, 2017, the CLO priced $173.5 million of class A floating-rate notes at Libor plus 190 bps; $25 million of class B floating-rate notes at Libor plus 255 bps; $23.5 million of class C floating-rate notes at Libor plus 355 bps; $18 million of class D floating-rate notes at Libor plus 455 bps; $22.25 million of class E floating-rate notes at Libor plus 735 bps and $40.6 million of subordinated notes.
Proceeds will be used to redeem the original notes.
The CLO is backed primarily by senior secured loans.
Madison Capital Funding is a Chicago-based middle-market finance company and subsidiary of New York Life Insurance Co.
| Issuer: | MCF CLO V Ltd.
|
| Amount: | $302.85 million refinancing
|
| Maturity: | April 20, 2029
|
| Securities: | Floating-rate notes
|
| Structure: | Middle-market CLO
|
| Refinancing agent: | Natixis Securities Americas LLC
|
| Manager: | Madison Capital Funding LLC
|
| Call feature: | Two years
|
| Settlement date: | July 22
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-R notes
|
| Amount: | $173.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class B-R notes
|
| Amount: | $25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 220 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $23.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 320 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $18 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 445 bps
|
| Rating: | S&P: BBB-
|
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