By Cristal Cody
Tupelo, Miss., Sept. 28 – Monroe Capital Management LLC priced $405 million of notes due April 22, 2029 in the new Monroe Capital MML CLO 2017-1, Ltd./Monroe Capital MML CLO 2017-1, LLC middle-market transaction, according to a source.
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.
BNP Paribas Securities Corp. arranged the offering.
Monroe Capital will manage the CLO, which has a two-year non-call period and a four-year reinvestment period.
The CLO is collateralized primarily by middle-market corporate loans.
Proceeds will be used to purchase a portfolio of about $400 million of mostly middle-market loans.
Monroe Capital has priced one new CLO and refinanced one vintage CLO year to date.
The Chicago-based firm provides senior and junior debt and equity co-investments to middle-market companies in the United States and Canada.
| Issuer: | Monroe Capital MML CLO 2017-1, Ltd./Monroe Capital MML CLO 2017-1, LLC
|
| Amount: | $405 million
|
| Maturity: | April 22, 2029
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas Securities Corp.
|
| Manager: | Monroe Capital Management LLC
|
| Call feature: | Two years
|
| Pricing date: | Sept. 22
|
| Settlement date: | Oct. 26
|
| Distribution: | Rule 144A
|
|
|
| Class A notes
|
| Amount: | $224 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $41 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 195 bps
|
| Rating: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 270 bps
|
| Rating: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $31 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 425 bps
|
| Rating: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $30 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 735 bps
|
| Rating: | Non-rated
|
|
|
| Equity
|
| Amount: | $55 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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