By Cristal Cody
Tupelo, Miss., June 12 – AB Private Credit Investors LLC sold $348.9 million of notes due July 20, 2029 in the new ABPCI Direct Lending Fund CLO II Ltd./ABPCI Direct Lending Fund CLO II LLC offering, according to a market source.
The middle-market CLO priced $195.6 million of class A-1 floating-rate notes at a discount margin of Libor plus 178 basis points, $41.8 million of class A-2 floating-rate note at a discount margin of Libor plus 235 bps, $13.9 million of class B deferrable floating-rate notes at a discount margin of Libor plus 305 bps, $13.9 million of class C deferrable floating-rate notes at a discount margin of Libor plus 485 bps and $83.7 million of subordinated notes.
Natixis Securities Americas LLC arranged the offering.
AB Private Credit Investors will manage the CLO.
The deal is collateralized primarily by U.S. senior secured loans.
The CLO has a two-year non-call period and a four-year reinvestment period.
The offering is the CLO manager’s second CLO transaction to date.
Middle-market lender AB Private Credit Investors is a subsidiary of New York-based AllianceBernstein LP.
| Issuer: | ABPCI Direct Lending Fund CLO II Ltd./ABPCI Direct Lending Fund CLO II LLC
|
| Amount: | $348.9 million
|
| Maturity: | July 20, 2029
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Natixis Securities Americas LLC
|
| Manager: | AB Private Credit Investors LLC
|
| Call feature: | Two years
|
| Pricing date: | June 2
|
| Settlement date: | July 12
|
|
|
| Class A-1 notes
|
| Amount: | $195.6 million
|
| Securities: | Floating-rate notes
|
| Discount margin: | Libor plus 178 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $41.8 million
|
| Securities: | Floating-rate notes
|
| Discount margin: | Libor plus 235 bps
|
| Ratings: | S&P: AA
|
|
|
| Class B notes
|
| Amount: | $13.9 million
|
| Securities: | Deferrable floating-rate notes
|
| Discount margin: | Libor plus 305 bps
|
| Ratings: | S&P: A
|
|
|
| Class C notes
|
| Amount: | $13.9 million
|
| Securities: | Deferrable floating-rate notes
|
| Discount margin: | Libor plus 485 bps
|
| Ratings: | S&P: BBB
|
|
|
| Equity
|
| Amount: | $83.7 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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