By Rebecca Melvin
New York, Aug. 18 – Madison Capital Funding LLC priced $301.76 million of notes due October 2029 in its third middle-market CLO deal year to date, according to an informed source.
MCF CLO VII LLC sold $175 million of class A floating-rate notes (//AAA) at a discount margin of Libor plus 160 basis points; $33.3 million of class B floating-rate notes at a discount margin of Libor plus 205 bps; $25.5 million of class C deferrable floating-rate notes at a discount margin of Libor plus 275 bps; $19.5 million of class D deferrable floating-rate notes at a discount margin of Libor plus 410 bps; $12.1 million of class E deferrable floating-rate notes at a discount margin of Libor plus 675 bps and $38.01 million of subordinated notes.
Wells Fargo Securities, LLC was the underwriter.
Madison Capital Funding is the CLO manager.
The deal is backed primarily by middle-market senior secured loans.
The issue will have a two-year non-call period and four-year reinvestment period.
Madison Capital Funding is a Chicago-based middle-market finance company and subsidiary of New York Life Insurance Co.
Issuer: | MCF CLO VII LLC
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Amount: | $301.76 million
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Maturity: | October 2029
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Securities: | Floating-rate and subordinated notes
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Structure: | Middle Market CLO
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Placement agent: | Wells Fargo Securities, LLC
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Manager: | Madison Capital Funding LLC
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Settlement date: | Sept. 7
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Class A notes
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Amount: | $175 million
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Securities: | Floating-rate notes
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Discount margin: | Libor plus 160 bps
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Rating: | Fitch: AAA
|
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Class B notes
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Amount: | $25 million
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Securities: | Floating-rate notes
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Discount margin: | Libor plus 205 bps
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Rating: | Not rated
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Class C notes
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Amount: | $23.5 million
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Securities: | Deferrable floating-rate notes
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Discount margin: | Libor plus 275 bps
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Rating: | Not rated
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Class D notes
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Amount: | $18 million
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Securities: | Deferrable floating-rate notes
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Discount margin: | Libor plus 410 bps
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Rating: | Not rated
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Class E notes
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Amount: | $22.25 million
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Securities: | Deferrable floating-rate notes
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Discount margin: | Libor plus 675 bps
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Rating: | Not rated
|
|
Equity
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Amount: | $38.01 million
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Securities: | Subordinated notes
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Ratings: | Non-rated
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