Chicago, April 8 – Bain Capital Credit U.S. CLO Manager LLC sold $509.45 million of new notes in the Bain Capital Credit CLO 2021-1 Ltd./Bain Capital Credit CLO 2021-1 LLC transaction, according to a pre-sale report.
The new notes, due April 18, 2034, represent Bain’s first CLO of 2021.
The portfolio includes $5 million of class X senior secured floating-rate notes at Libor plus 80 basis points, $315 million of class A senior secured floating-rate notes at Libor plus 106 bps, $65 million of class B senior secured floating-rate notes at Libor plus 140 bps, $30 million of class C senior secured deferrable floating-rate notes at Libor plus 200 bps, $30 million of class D senior secured deferrable floating-rate notes at Libor plus 291 bps, $20 million of class E senior secured deferrable floating-rate notes at Libor plus 650 bps and $44.45 million of subordinated notes.
Bain Capital Credit U.S. CLO Manager LLC is the collateral manager.
Jefferies LLC is the initial purchaser.
Collateral for the notes mostly comes from senior secured loans, cash and eligible investments and the reinvestment period for the portfolio ends April 18, 2026.
The notes can be called starting April 18, 2023.
The asset management firm is based in Boston.
| Issuers: | Bain Capital Credit CLO 2021-1 Ltd./Bain Capital Credit CLO 2021-1 LLC
|
| Issue: | Floating-rate and subordinated notes
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| Structure: | Cash flow CLO
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| Amount: | $509.45 million
|
| Maturity: | April 18, 2034
|
| Agent: | Jefferies LLC
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| Manager: | Bain Capital Credit U.S. CLO Manager LLC
|
| Call: | April 18, 2023
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| Announcement date: | April 7
|
| Settlement date: | April 15
|
|
|
| Class X notes
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| Amount: | $5 million
|
| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 80 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A notes
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| Amount: | $315 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 106 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B notes
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| Amount: | $65 million
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| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 140 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
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| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Libor plus 200 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
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| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Libor plus 291 bps
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| Rating: | S&P: BBB-
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|
|
| Class E notes
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| Amount: | $20 million
|
| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Libor plus 650 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Subordinated notes
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| Amount: | $44.45 million
|
| Securities: | Subordinated notes
|
|
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