By Cristal Cody
Tupelo, Miss., March 6 – MidCap Financial Services Capital Management LLC priced $467.47 million of notes in a refinancing and reset of a vintage 2017 middle-market collateralized loan obligation deal, according to market sources.
Woodmont 2017-3 LP/Woodmont 2017-3 GP/Woodmont 2017-3 LLC sold $280 million of class A-1R senior secured floating-rate notes at Libor plus 168 basis points and $27.5 million of class A-2R senior secured floating-rate notes at Libor plus 190 bps.
The CLO also sold $35 million of class B-R senior secured floating-rate notes at Libor plus 220 bps; $35 million of class C-R secured deferrable floating-rate notes at Libor plus 320 bps; $30 million of class D-R secured deferrable floating-rate notes at Libor plus 420 bps; $30 million of class E-R secured deferrable floating-rate notes at Libor plus 775 bps and $29.97 million of subordinated notes.
Citigroup Global Markets Inc. was the refinancing placement agent.
MidCap Financial Services will continue to manage the CLO.
The maturity was extended to April 20, 2032 from Oct. 18, 2029.
The reset CLO has a two-year non-call period and a four-year reinvestment period.
Woodmont 2017-3 Trust originally issued $353,325,000 of notes on Sept. 7, 2017. The CLO had priced $196 million of class A-1 floating-rate notes at Libor plus 172.5 bps, $19.25 million of class A-2 floating-rate notes at Libor plus 195 bps; $22.75 million of class B floating-rate notes at Libor plus 225 bps; $24.5 million of class C deferrable floating-rate notes at Libor plus 280 bps; $21.5 million of class D deferrable floating-rate notes at Libor plus 410 bps; $22.25 million of class E deferrable floating-rate notes at Libor plus 775 bps and $47,075,000 of subordinated notes.
Proceeds will be used to redeem the original notes.
The CLO is backed primarily by middle-market senior secured loans.
The Bethesda, Md.-based firm is managed by Apollo Capital Management, LP, a subsidiary of Apollo Global Management LLC.
| Issuer: | Woodmont 2017-3 LP/Woodmont 2017-3 GP/Woodmont 2017-3 LLC
|
| Amount: | $467.47 refinancing
|
| Maturity: | April 20, 2032
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Middle-market CLO
|
| Refinancing agent: | Citigroup Global Markets Inc.
|
| Manager: | MidCap Financial Services Capital Management LLC
|
| Call feature: | Two years
|
| Pricing date: | Feb. 20
|
| Settlement date: | March 10
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-1R notes
|
| Amount: | $280 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 168 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-2R notes
|
| Amount: | $27.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $35 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 220 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $35 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 320 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $30 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 420 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $30 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 775 bps
|
| Rating: | S&P: BB
|
|
|
| Equity
|
| Amount | $29.97 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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