Chicago, Feb. 19 – Bain Capital Credit CLO Advisors, LP refinanced four parts of the Bain Capital Credit CLO 2016-2 Ltd. transaction due Jan. 15, 2029 for $461 million, according to a market source.
The CLO sold $343.9 million of class A-RR senior secured floating-rate notes at Libor plus 97 basis points (previously 114 bps); $53 million class B-RR senior secured floating-rate notes at Libor plus 155 bps (previously 180 bps); $36.2 million of class C-RR senior secured deferrable floating-rate notes at Libor plus 200 bps (previously 255 bps) and $28.9 million of class D-RR senior secured deferrable floating-rate notes at Libor plus 385 bps (previously 410 bps).
The original portfolio, dating back to 2016, also includes $21 million class E senior secured deferrable floating-rate notes at Libor plus 704 bps and $54.6 million subordinated notes. These were not part of the refinancing.
Bain Capital Credit CLO Advisors is the CLO manager.
The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.
Bain Capital, a Boston-based asset management firm, is a subsidiary of Bain Capital LP.
| Issuer: | Bain Capital Credit CLO 2016-2 Ltd.
|
| Amount: | $461 million
|
| Maturity: | Jan. 15, 2029
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| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Manager: | Bain Capital Credit CLO Advisors, LP
|
| Announcement date: | Feb. 18
|
|
|
| Class A-RR notes
|
| Amount: | $342.9 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 97 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class B-RR notes
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| Amount: | $53 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Rating: | Moody’s: Aa1
|
|
|
| Class C-RR notes
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| Amount: | $36.2 million
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| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Libor plus 200 bps
|
|
|
| Class D-RR notes
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| Amount: | $28.9 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 385 bps
|
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