By Cristal Cody
Tupelo, Miss., Dec. 15 – AB Private Credit Investors LLC priced a $346.75 million new middle-market collateralized loan obligation offering, according to market sources.
ABPCI Direct Lending Fund CLO X Ltd./ABPCI Direct Lending Fund CLO X LLC sold $178 million of class A-1A floating-rate notes at Libor plus 195 basis points, $13 million of 2.34% class A-1B fixed-rate notes, $9.5 million of class A-2A floating-rate notes at Libor plus 215 bps and $7.5 million of 2.62% class A-2B fixed-rate notes.
The CLO priced $20.5 million of class B-1 floating-rate notes at Libor plus 235 bps and $6 million of 2.87% class B-2 fixed-rate notes.
Lower down the capital stack, the CLO sold $28 million of class C deferrable floating-rate notes at Libor plus 380 bps, $17.5 million of class D deferrable floating-rate notes at Libor plus 550 bps, $12 million of class E deferrable floating-rate notes at Libor plus 1,047 bps and $54.75 million of partnership interests.
Natixis Securities Americas LLC was the placement agent.
The notes are due Jan. 20, 2032.
The CLO has a one-year non-call period and a three-year reinvestment period.
The issue is collateralized primarily by middle-market senior secured loans, cash and eligible investments.
AB Private Credit Investors has priced three middle-market CLOs year to date.
The middle-market lender is a subsidiary of New York-based AllianceBernstein LP.
| Issuer: | ABPCI Direct Lending Fund CLO X Ltd./ABPCI Direct Lending Fund CLO X LLC
|
| Amount: | $346.75 million
|
| Maturity: | Jan. 20, 2032
|
| Securities: | Fixed-rate and floating-rate notes and partnership interests
|
| Structure: | Middle-market CLO
|
| Placement agent: | Natixis Securities Americas LLC
|
| Manager: | AB Private Credit Investors LLC
|
| Call feature: | One year
|
| Pricing date: | Nov. 24
|
| Settlement date: | Dec. 29
|
|
|
| Class A-1A notes
|
| Amount: | $178 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 195 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class A-1B notes
|
| Amount: | $13 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.34%
|
| Ratings: | S&P: AAA
|
|
|
| Class A-2A notes
|
| Amount: | $9.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 215 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class A-2B notes
|
| Amount: | $7.5 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.62%
|
| Ratings: | S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $20.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 235 bps
|
| Ratings: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $6 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.87%
|
| Ratings: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $28 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 380 bps
|
| Ratings: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $17.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 550 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $12 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 1,047 bps
|
| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $54.75 million
|
| Securities: | Partnership interests
|
| Ratings: | Non-rated
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
