By Cristal Cody
Tupelo, Miss., Feb. 21 – MidOcean Credit Fund Management LP priced $489 million of notes due July 15, 2029 in a refinancing of a vintage collateralized loan obligation deal, according to a market sources and a notice of executed second supplemental indenture on Thursday.
MidOcean Credit CLO VII/MidOcean Credit CLO VII LLC sold $378 million of class A-1-R floating-rate notes at Libor plus 104 basis points, $24 million of class A-2-R floating-rate notes at Libor plus 145 bps, $51 million of class B-R floating-rate notes at Libor plus 160 bps and $36 million of class C-R deferrable floating-rate notes at Libor plus 220 bps.
Morgan Stanley & Co. LLC was the refinancing placement agent.
In the original $613.5 million transaction issued July 6, 2017, the CLO sold $378 million of class A-1 floating-rate notes at Libor plus 132 bps; $24 million of class A-2 floating-rate notes at Libor plus 155 bps; $51 million of class B floating-rate notes at Libor plus 190 bps; $36 million of class C deferrable floating-rate notes at Libor plus 275 bps; $34.5 million of class D deferrable floating-rate notes at Libor plus 388 bps; $28.5 million of class E deferrable floating-rate notes at Libor plus 665 bps; $9 million of class F deferrable floating-rate notes at Libor plus 810 bps and $52.5 million of income notes.
Proceeds were used to redeem the original notes.
The CLO is collateralized mainly by broadly syndicated first-lien senior secured corporate loans.
The manager is an affiliate of New York City-based private equity firm MidOcean Partners.
| Issuer: | MidOcean Credit CLO VII/MidOcean Credit CLO VII LLC
|
| Amount: | $489 million refinancing
|
| Maturity: | July 15, 2029
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Morgan Stanley & Co. LLC
|
| Manager: | MidOcean Credit Fund Management LP
|
| Settlement date: | Feb. 20
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-1-R notes
|
| Amount: | $378 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 104 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2-R notes
|
| Amount: | $24 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class B-R notes
|
| Amount: | $51 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C-R notes
|
| Amount: | $36 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 220 bps
|
| Rating: | Moody’s: A2
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
