Chicago, May 30 – Maranon Management LLC priced $405.9 million in a collateralized loan obligation being issued by Maranon Loan Funding 2023-1 Ltd./Maranon Loan Funding 2023-1 LLC, according to a presale report.
The notes will mature on July 15, 2035.
The CLO consists of $204 million of class A-N senior secured floating-rate notes at SOFR plus 260 basis points, $30 million of class A-L senior secured floating-rate loans at SOFR plus 260 bps, $42 million of class B senior secured floating-rate notes at SOFR plus 365 bps, $32 million of class C senior secured deferrable floating-rate notes at SOFR plus 455 bps, $20 million of class D senior secured deferrable floating-rate notes at SOFR plus 690 bps, $24 million of class E senior secured deferrable floating-rate notes at SOFR plus 1,010 bps and $53.9 million of subordinated notes.
Maranon Management LLC will manage the collateral through the end of the reinvestment period on July 15, 2027.
Collateral for the notes consists of middle-market speculative-grade senior secured term loans.
The notes can be called starting July 15, 2025.
Wells Fargo Securities LLC was the placement agent.
Maranon Capital is a Chicago-based investment firm.
| Issuer: | Maranon Loan Funding 2023-1 Ltd./Maranon Loan Funding 2023-1 LLC
|
| Issue: | Floating-rate notes, floating-rate loans and subordinated notes
|
| Amount: | $405.9 million
|
| Maturity: | July 15, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Wells Fargo Securities LLC
|
| Manager: | Maranon Management LLC
|
| Call feature: | July 15, 2025
|
| Settlement date: | June 9
|
|
|
| Class A-N notes
|
| Amount: | $204 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 260 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-L loans
|
| Amount: | $30 million
|
| Securities: | Senior secured floating-rate loans
|
| Coupon: | SOFR plus 260 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
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| Amount: | $42 million
|
| Securities: | Senior secured floating-rate notes
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| Coupon: | SOFR plus 365 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
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| Amount: | $32 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 455 bps
|
| Rating: | S&P: A-
|
|
|
| Class D notes
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| Amount: | $20 million
|
| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | SOFR plus 690 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
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| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 1010 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $53.9 million
|
| Securities: | Subordinated notes
|
|
|
|
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