By Cristal Cody
Tupelo, Miss., May 17 – Madison Capital Funding LLC priced $325.9 million of notes due July 18, 2030 in a new middle-market CLO deal, according to a market source.
MCF CLO VIII LLC sold $157.5 million of class A-1 floating-rate notes at Libor plus 137 basis points; $31.6 million of 4.31% class A-2 fixed-rate notes; $28.1 million of class B floating-rate notes at Libor plus 175 bps; $24.4 million of class C deferrable floating-rate notes at Libor plus 230 bps; $18.9 million of class D deferrable floating-rate notes at Libor plus 350 bps; $23.6 million of class E deferrable floating-rate notes at Libor plus 733 bps and $41.8 million of subordinated notes.
Natixis Securities Americas LLC arranged the offering.
Madison Capital Funding is the CLO manager.
MCF CLO VIII has a two-year non-call period and a four-year reinvestment period.
The deal is backed primarily by middle-market senior secured loans.
Madison Capital Funding is a Chicago-based middle-market finance company and subsidiary of New York Life Insurance Co.
| Issuer: | MCF CLO VIII LLC
|
| Amount: | $325.9 million
|
| Maturity: | July 18, 2030
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Middle-market CLO
|
| Placement agent: | Natixis Securities Americas LLC
|
| Manager: | Madison Capital Funding LLC
|
| Call feature: | Two years
|
| Pricing date: | May 10
|
| Settlement date: | June 7
|
|
|
| Class A-1 notes
|
| Amount: | $157.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 137 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $31.6 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 4.31%
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $28.1 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24.4 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 230 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $18.9 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 350 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $23.6 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 733 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $41.8 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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