Chicago, June 3 – Maranon Capital, LP refinanced for $444 million the middle-market collateralized loan obligation deal originally issued by Maranon Loan Funding 2019-1 Ltd./Maranon Loan Funding 2019-1 LLC, according to a pre-sale report.
The extended CLO now matures on April 15, 2034, pushed back three years from April 15, 2031.
The refinancing deal now has $101 million class A-R-1 senior secured notes at Libor plus 170 basis points, $105 million class A-L-R loans at Libor plus 170 bps, $22 million class A-R-2 senior secured 2.72% fixed-rate notes, $19.2 million class B-R-1 senior secured notes at Libor plus 200 bps and $24.8 million of class B-R-2 senior secured 3.33% fixed-rate notes.
Lower, there are $36 million class C-R deferrable floating-rate notes at Libor plus 320 bps, $620 million class D-R deferrable 4.5% fixed-rate notes, $14 million class E-R deferrable 8.5% fixed-rate notes.
Morgan Stanley & Co. LLC is the initial purchaser.
Maranon will still manage collateral through the refreshed four-year reinvestment period.
The notes can be called starting April 15, 2023.
The original truncation consisted of $135 million of class A-1A floating-rate notes at Libor plus 185 basis points, $32.5 million of 4.04% class A-1B fixed-rate notes, $30 million of class A-1L loans at Libor plus 185 bps, $15 million of class A-2A1 floating-rate notes at Libor plus 170 bps, $5 million of 3.88% class A-2A2 fixed-rate notes and $7.5 million of 4.46% class A-2B fixed-rate notes.
The CLO also originally priced $39 million of class B floating-rate notes at Libor plus 280 bps; $30 million of class C floating-rate notes at Libor plus 365 bps; $28 million of class D floating-rate notes at Libor plus 465 bps; $28 million of class E floating-rate-notes at Libor plus 865 bps and $60 million of subordinated notes.
Maranon Capital is a Chicago-based investment management firm that provides middle-market financing services.
| Issuers: | Maranon Loan Funding 2019-1 Ltd./Maranon Loan Funding 2019-1 LLC
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| Issue: | Floating-rate notes, fixed-rate notes, floating-rate loan and subordinated notes
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| Amount: | $444 million
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| Maturity: | April 15, 2034
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| Structure: | Cash flow CLO
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| Placement agent: | Morgan Stanley & Co. LLC
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| Manager: | Maranon Capital, LP
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| Call feature: | April 15, 2023
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| Settlement date: | May 19
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| Class A-R-1 notes
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| Amount: | $101 million
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| Securities: | Floating-rate notes
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| Coupon: | Libor plus 170 bps
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| Ratings: | S&P: AAA
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|
|
| Class A-L-R loans
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| Amount: | $105 million
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| Securities: | Loans
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| Coupon: | Libor plus 170 bps
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| Ratings: | S&P: AAA
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|
|
| Class A-R-2 notes
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| Amount: | $22 million
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| Securities: | Fixed-rate notes
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| Coupon: | 2.72%
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| Ratings: | S&P: AA
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|
|
| Class B-R-1 notes
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| Amount: | $19.2 million
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| Securities: | Floating-rate notes
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| Coupon: | Libor plus 200 bps
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| Rating: | S&P: AA
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|
|
| Class B-R-2 notes
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| Amount: | $24.8 million
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| Securities: | Fixed-rate notes
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| Coupon: | 3.33%
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| Rating: | S&P: AA
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|
|
| Class C-R notes
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| Amount: | $36 million
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| Securities: | Floating-rate notes
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| Coupon: | Libor plus 320 bps
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| Rating: | S&P: A
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|
|
| Class D-R notes
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| Amount: | $62 million
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| Securities: | Fixed-rate notes
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| Coupon: | 4.5%
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|
|
| Class E notes
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| Amount: | $14 million
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| Securities: | Fixed-rate notes
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| Coupon: | 8.5%
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|
|
| Equity
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| Amount: | $60 million
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| Securities: | Subordinated notes
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