Monroe Capital to refinance notes from 2017-1 middle-market CLO

By Cristal Cody

Tupelo, Miss., March 2 – Monroe Capital Management LLC plans to refinance notes due April 22, 2029 from the Monroe Capital MML CLO 2017-1, Ltd./Monroe Capital MML CLO 2017-1, LLC middle-market transaction, according to a notice of proposed first supplemental indenture on Friday.

The deal includes class A-R floating-rate notes, class B-R floating-rate notes, class C-R floating-rate notes, class D-R floating-rate notes and class E-R floating-rate notes.

BNP Paribas Securities Corp. is the refinancing placement agent.

Monroe Capital will continue to manage the CLO.

In the original $405 million deal issued Oct. 26, 2017, the CLO sold $224 million of class A floating-rate notes at Libor plus 160 basis points; $41 million of class B floating-rate notes at Libor plus 195 bps; $24 million of class C floating-rate notes at Libor plus 270 bps; $31 million of class D floating-rate notes at Libor plus 425 bps; $30 million of class E floating-rate notes at Libor plus 735 bps and $55 million of subordinated notes.

Proceeds will be used to redeem the original notes.

The CLO is collateralized primarily by middle-market corporate loans.

Monroe Capital is a Chicago-based firm that provides senior and junior debt and equity co-investments to middle-market companies in the United States and Canada.

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