By Cristal Cody
Tupelo, Miss., Nov. 12 – MidOcean Credit Fund Management LP priced $402.65 million of notes in the manager’s first new broadly syndicated collateralized loan obligation transaction of 2019, according to a market source.
MidOcean Credit CLO X/MidOcean Credit CLO X LLC sold $246 million of class A-1 floating-rate notes at Libor plus 139 basis points, $4 million of class A-21 floating-rate notes at Libor plus 175 bps and $10 million of 3.33% class A-22 fixed-rate notes.
The CLO also priced $44 million of class B floating-rate notes at Libor plus 240 bps; $24 million of class C floating-rate notes at Libor plus 300 bps; $18 million of class D floating-rate notes at Libor plus 450 bps; $20.8 million of class E floating-rate notes at Libor plus 744 bps and $35.85 million of subordinated notes.
Barclays was the placement agent.
MidOcean Credit Fund Management has priced one new CLO and refinanced one vintage CLO year to date.
The CLO manager is an affiliate of New York City-based private equity firm MidOcean Partners.
| Issuer: | MidOcean Credit CLO X/MidOcean Credit CLO X LLC
|
| Amount: | $402.65 million
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | MidOcean Credit Fund Management LP
|
| Pricing date: | Nov. 1
|
|
|
| Class A-1 notes
|
| Amount: | $246 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 139 bps
|
| Ratings: | S&P: AAA expected
|
| Fitch: AAA expected
|
|
|
| Class A-21 notes
|
| Amount: | $4 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | S&P: AAA expected
|
|
|
| Class A-22 notes
|
| Amount: | $10 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.33%
|
| Rating: | S&P: AAA expected
|
|
|
| Class B notes
|
| Amount: | $44 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Rating: | S&P: AA expected
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Rating: | S&P: A expected
|
|
|
| Class D notes
|
| Amount: | $18 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 450 bps
|
| Rating: | S&P: BBB- expected
|
|
|
| Class E notes
|
| Amount: | $20.8 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 744 bps
|
| Rating: | S&P: BB- expected
|
|
|
| Equity
|
| Amount: | $35.85 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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