MidCap Financial Services offers $509.1 million notes in Woodmont middle-market CLO

By Cristal Cody

Tupelo, Miss., June 19 – MidCap Financial Services Capital Management LLC plans to price $509.1 million of notes due July 15, 2031 in a new middle-market collateralized loan obligation deal, according to a market source and a ratings release from S&P Global Ratings on Wednesday.

The Woodmont 2019-6 LP/Woodmont 2019-6 LLC deal includes $2.5 million of class X floating-rate notes (AAA); $277 million of class A-1 senior secured floating-rate notes (AAA); $25 million of class A-2 senior secured floating-rate notes (AAA); $42.5 million of class B senior secured floating-rate notes (AA); $36.5 million of class C deferrable floating-rate notes (A); $30 million of class D deferrable floating-rate notes (BBB-); $29 million of class E deferrable floating-rate notes (BB-) and $66.6 million of subordinated notes.

Citigroup Global Markets Inc. is the placement agent.

MidCap Financial Services will manage the CLO.

The CLO has a two-year non-call period and a four-year reinvestment period.

The securities are backed primarily by middle-market senior secured loans.

The transaction is expected to close July 15.

MidCap priced two new CLOs in 2018, while bringing three middle-market CLO deals in 2017.

The Bethesda, Md.-based firm is managed by Apollo Capital Management, LP, a subsidiary of Apollo Global Management LLC.

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