Bain Capital Credit markets new $510.31 million CLO notes; secondary trading picks up

By Cristal Cody

Tupelo, Miss., June 16 – Bain Capital Credit CLO Advisers LP plans to price a $510.31 million CLO in the firm’s first new deal of the year.

Bain Capital year to date has refinanced two vintage dollar CLOs.

Onex Credit Partners, LLC also is marketing a new $887.57 million CLO.

More than $30 billion of new CLOs have priced year to date, according to market sources.

In the secondary market, trading volume climbed to $190.93 million in investment-grade CBO/CDO/CLO issues and $229.18 million in non-high-grade securities on Thursday, according to the latest data from Trace.

Bain Capital Credit CLO Advisers plans to price $510.31 million of notes due July 20, 2030 in the new Bain Capital Credit CLO 2017-1 Ltd./Bain Capital Credit CLO 2017-1, Corp. offering, according to a market source.

The deal includes $5 million of class X floating-rate notes (AAA); $298 million of class A-1 floating-rate notes (AAA); $19.5 million of class A-2 floating-rate notes (non-rated); $65.5 million of class B floating-rate notes (AA); $18.73 million of class C-1 floating-rate notes (A); $9.48 million of class C-2 floating-rate notes (A); $28 million of class D floating-rate notes (BBB-); $20.6 million of class E floating-rate notes (BB-); $7 million of class F floating-rate notes (B-) and $38.5 million of subordinated notes.

Citigroup Global Markets Inc. is the placement agent.

The notes have a two-year non-call period and a five-year reinvestment period.

The CLO is backed primarily by senior secured loans.

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