By Cristal Cody
Tupelo, Miss., May 23 – Madison Capital Funding LLC priced $300.78 million of loans and notes due July 17, 2031 in the manager’s first middle-market CLO deal of 2019, according to an informed source.
MCF CLO IX Ltd. sold $105 million of class A-1 floating-rate notes at Libor plus 170 basis points, $50 million of class A-1 loans at Libor plus 170 bps and $20 million of class A-2 floating-rate notes at Libor plus 195 bps.
The CLO priced $20 million of class B floating-rate notes at Libor plus 240 bps, $29 million of class C floating-rate notes at Libor plus 340 bps, $17 million of class D floating-rate notes at Libor plus 455 bps, $21 million of class E floating-rate notes at Libor plus 790 bps and $38.78 million of subordinated notes.
Wells Fargo Securities, LLC was the placement agent.
MCF CLO IX has a two-year non-call period and a four-year reinvestment period.
The deal is backed primarily by middle-market first-lien 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 IX Ltd.
|
| Amount: | $300.78 million
|
| Maturity: | July 17, 2031
|
| Securities: | Loans and floating-rate and subordinated notes
|
| Structure: | Middle-market CLO
|
| Placement agent: | Wells Fargo Securities, LLC
|
| Manager: | Madison Capital Funding LLC
|
| Call feature: | Two years
|
| Settlement date: | June 20
|
| Distribution: | Rule 144A
|
|
|
| Class A-1 notes
|
| Amount: | $105 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-1 loans
|
| Amount: | $50 million
|
| Securities: | Loans
|
| Coupon: | Libor plus 170 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $20 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 195 bps
|
| Ratings: | Non-rated
|
|
|
| Class B notes
|
| Amount: | $20 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Ratings: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $29 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 340 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $17 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 455 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $21 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 790 bps
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $38.78 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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