By Cady Vishniac
Detroit, Dec. 17 – MidCap Financial Services Capital Management LLC priced $604.6 million of notes due Jan. 15, 2032 in a new middle-market collateralized loan obligation deal, according to a market source.
Woodmont 2020-7 Trust sold $335 million of class A-1-A floating-rate notes at Libor plus 190 basis points and $10 million of 2.2736% class A-1-B notes.
The deal also included $15 million of class A-2 floating-rate notes at Libor plus 225 bps, $42 million of class B floating-rate notes at Libor plus 260 bps, $48 million of class C deferrable floating-rate notes at Libor plus 380 bps, $30 million of class D deferrable floating-rate notes at Libor plus 540 bps, $42 million of class E deferrable floating-rate notes at Libor plus 905 bps and $82.6 million of certificates.
Citigroup Global Markets Inc. was the placement agent.
MidCap Financial Services will manage the CLO.
The CLO has a three-year non-call period and a four-year reinvestment period.
The deal 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 2020-7 Trust
|
| Amount: | $604.6 million
|
| Maturity: | Jan. 15, 2032
|
| Securities: | Floating-rate notes, fixed-rate notes and certificates
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | MidCap Financial Services Capital Management LLC
|
| Call feature: | Three years
|
| Settlement date: | Dec. 18
|
|
|
| Class A-1-A notes
|
| Amount: | $335 million
|
| Securities: | Floating-rate notes
|
| Discount margin: | Libor plus 190 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class A-1-B notes
|
| Amount: | $10 million
|
| Securities: | Fixed-rate notes
|
| Discount margin: | 2.2736%
|
| Ratings: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $15 million
|
| Securities: | Floating-rate notes
|
| Discount margin: | Libor plus 225 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $42 million
|
| Securities: | Floating-rate notes
|
| Discount margin: | Libor plus 260 bps
|
| Ratings: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $48 million
|
| Securities: | Deferrable floating-rate notes
|
| Discount margin: | Libor plus 380 bps
|
| Ratings: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $30 million
|
| Securities: | Deferrable floating-rate notes
|
| Discount margin: | Libor plus 540 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $42 million
|
| Securities: | Deferrable floating-rate notes
|
| Discount margin: | Libor plus 905 bps
|
| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $82.6 million
|
| Securities: | Certificates
|
| Ratings: | Non-rated
|
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