By Cristal Cody
Tupelo, Miss., Dec. 15 – Middle Market Credit Fund LLC priced a $399.9 million debut static middle-market collateralized loan obligation offering of notes due Jan. 15, 2028, a source said.
MMCF CLO 2017-1 LLC sold $231.7 million of class A-1 floating-rate notes at a discount margin of Libor plus 117 basis points; $48.3 million of class A-2 floating-rate notes at a discount margin of Libor plus 150 bps; $15 million of class B-1 deferrable floating-rate notes at a discount margin of Libor plus 225 bps; $9 million of 4.3% class B-2 deferrable fixed-rate notes; $22.9 million of class C deferrable floating-rate notes at a discount margin of Libor plus 345 bps; $25.1 million of class D deferrable floating-rate notes at a discount margin of Libor plus 710 bps and $47.9 million of preferred interests.
Citigroup Global Markets Inc. was the placement agent.
Middle Market Credit Fund will manage the CLO.
The MMCF CLO has a one-year non-call period.
The CLO manager is a joint venture formed between TCG BDC, formerly known as Carlyle GMS Finance, and Credit Partners USA LLC, a subsidiary of PSP Investment Holding US LLC, which is an investment manager of Canada’s Public Sector Pension Investment Board.
| Issuer: | MMCF CLO 2017-1 LLC
|
| Amount: | $399.9 million
|
| Maturity: | Jan. 15, 2028
|
| Securities: | Fixed-rate notes, floating-rate notes and preferred interests
|
| Structure: | Static middle-market CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Middle Market Credit Fund LLC
|
| Call feature: | Dec. 15, 2018
|
| Pricing date: | Dec. 4
|
| Settlement date: | Dec. 19
|
|
|
| Class A-1 notes
|
| Amount: | $231.7 million
|
| Securities: | Floating-rate notes
|
| Discount margin: | Libor plus 117 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $48.3 million
|
| Securities: | Floating-rate notes
|
| Discount margin: | Libor plus 150 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-1 notes
|
| Amount: | $15 million
|
| Securities: | Deferrable floating-rate notes
|
| Discount margin: | Libor plus 225 bps
|
| Rating: | S&P: A
|
|
|
| Class B-2 notes
|
| Amount: | $9 million
|
| Securities: | Deferrable fixed-rate notes
|
| Coupon: | 4.3%
|
| Rating: | S&P: A
|
|
|
| Class C notes
|
| Amount: | $22.9 million
|
| Securities: | Deferrable floating-rate notes
|
| Discount margin: | Libor plus 345 bps
|
| Rating: | S&P: BBB
|
|
|
| Class D notes
|
| Amount: | $25.1 million
|
| Securities: | Deferrable floating-rate notes
|
| Discount margin: | Libor plus 710 bps
|
| Rating: | S&P: BB
|
|
|
| Equity
|
| Amount: | $47.9 million
|
| Securities: | Preferred interests
|
| Ratings: | Non-rated
|
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