By Cristal Cody
Tupelo, Miss., Jan. 31 – MidOcean Credit Fund Management LP priced $296.4 million of notes due Jan. 15, 2024 in a refinancing of a vintage 2013 collateralized loan obligation deal, according to a notice of optional redemption by refinancing and notice of revised fourth supplemental indenture on Tuesday.
MidOcean Credit CLO I/MidOcean Credit CLO I LLC placed $210.5 million of class A-1-RR senior secured floating-rate notes at Libor plus 82 basis points; $39 million of class A-2-RR senior secured floating-rate notes at Libor plus 130 bps; $22 million of class B-RR senior secured deferrable floating-rate notes at Libor plus 180 bps; $13.5 million of class C-RR senior secured deferrable floating-rate notes at Libor plus 255 bps and $11.4 million of class D-RR secured deferrable floating-rate notes at Libor plus 515 bps.
Barclays arranged the offering.
MidOcean Credit Fund Management is the CLO manager. Prudential Investment Management, Inc. is the designated successor collateral manager.
The CLO originally was issued on Jan. 24, 2013 and the notes were refinanced on Dec. 15, 2016.
In the first refinancing transaction, the CLO priced $210.5 million of class A-1-R floating-rate notes at Libor plus 145 bps; $39 million of class A-2-R floating-rate notes at Libor plus 250 bps; $22 million of class B-R deferrable floating-rate notes at Libor plus 340 bps; $13.5 million of class C-R deferrable floating-rate notes at Libor plus 455 bps and $11.4 million of class D-R deferrable floating-rate notes at Libor plus 837 bps.
The non-call period on the second refinanced CLO is to but excluding the payment date in January 2019.
Proceeds will be used to redeem the refinanced notes.
The affiliate of New York City-based private equity firm MidOcean Partners priced one new CLO and refinanced one CLO transaction in 2017.
| Issuer: | MidOcean Credit CLO I/MidOcean Credit CLO I LLC
|
| Amount: | $296.4 million refinancing
|
| Maturity: | Jan. 15, 2024
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Barclays
|
| Manager: | MidOcean Credit Fund Management LP
|
| Call feature: | To but excluding the payment date in January 2019
|
| Settlement date: | Feb. 13
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-1RR notes
|
| Amount: | $210.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 82 bps
|
| Ratings: | Moody’s: Aaa expected
|
| S&P: AAA
|
|
|
| Class A-2-RR notes
|
| Amount: | $39 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 130 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-RR notes
|
| Amount: | $22 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Rating: | S&P: A
|
|
|
| Class C-RR notes
|
| Amount: | $13.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 255 bps
|
| Rating: | S&P: BBB
|
|
|
| Class D-RR notes
|
| Amount: | $11.4 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 515 bps
|
| Rating: | S&P: BB
|
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