By Cristal Cody
Tupelo, Miss., July 19 – MP CLO Management LLC refinanced $381.95 million of notes in a reset of the 2013 vintage MP CLO IV, Ltd./MP CLO IV, LLC deal, according to a market source and a notice of revised proposed supplemental indenture on Tuesday.
The CLO sold $4 million of class X senior secured floating-rate notes at Libor plus 95 basis points; $258 million of class A-R senior secured floating-rate notes at Libor plus 128 bps; $42 million of class B-R senior secured floating-rate notes at Libor plus 185 bps; $19.4 million of class C-R senior secured deferrable floating-rate notes at Libor plus 240 bps; $24.6 million of class D-R senior secured deferrable floating-rate notes at Libor plus 360 bps; $24 million of class E-R senior secured deferrable floating-rate notes at Libor plus 700 bps and an additional $9.95 million of subordinated notes as equity.
BNP Paribas Securities Corp. was the refinancing agent.
MP CLO Management, formerly known as American Capital CLO Management, LLC, will manage the CLO.
The maturity on the refinanced notes was extended to July 25, 2029 from the original Oct. 25, 2025 maturity. In addition, the repriced CLO has a new two-year non-call period and a four-year reinvestment.
The CLO originally was issued on Sept. 25, 2013.
Proceeds will be used to redeem the original notes.
The deal is backed predominantly by broadly syndicated first-lien senior secured corporate loans.
MP CLO Management is a subsidiary of Greenwich, Conn.-based Marble Point Credit Management LLC.
| Issuer: | MP CLO IV, Ltd./MP CLO IV, LLC
|
| Amount: | $381.95 million refinancing
|
| Maturity: | July 25, 2029
|
| Securities: | Global floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | BNP Paribas Securities Corp.
|
| Manager: | MP CLO Management LLC
|
| Call feature: | July 25, 2019
|
| Notice date: | July 18
|
| Settlement date: | July 25
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class X notes
|
| Amount: | $4 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 95 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class A-R notes
|
| Amount: | $258 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 128 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-R notes
|
| Amount: | $42 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C-R notes
|
| Amount: | $19.4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D-R notes
|
| Amount: | $24.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 360 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E-R notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 700 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $9.95 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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