Chicago, April 2 – Apogem Capital LLC conducted a second refinancing for $302.78 million of the collateralized loan obligation issued by MCF CLO IX Ltd./MCF CLO IX LLC, according to a presale report.
The CLO will mature on April 17, 2036.
The refinancing consists of $125.5 million of class A-1-RR senior secured floating-rate notes at SOFR plus 200 basis points, $50 million of class A-L-RR senior secured floating-rate loans at SOFR plus 200 bps, $22.5 million of class B-RR senior secured floating-rate notes at SOFR plus 270 bps, $15 million of class B-L senior secured floating-rate loans at SOFR plus 270 bps, $18 million of class C-RR senior secured deferrable floating-rate notes at SOFR plus 325 bps, $15 million of class D-RR senior secured deferrable floating-rate notes at SOFR plus 525 bps, $18 million of class E-R senior secured deferrable floating-rate notes at SOFR plus 806 bps and $38.78 million of subordinated notes.
Apogem Capital LLC will manage the collateral through the end of the reinvestment period on April 17, 2028.
Collateral consists of middle-market speculative-grade senior secured term loans.
The CLO can be called starting March 28, 2026.
Wells Fargo Securities LLC was the placement agent.
The transaction originally had $105 million of class A-1 floating-rate notes at Libor plus 170 bps, $50 million of class A-1 loans at Libor plus 170 bps and $20 million of class A-2 floating-rate notes at Libor plus 195 bps.
The CLO also previously had $20 million of class B floating-rate notes at Libor plus 240 bps, $29 million of class C floating-rate notes at Libor plus 340 bps, $17 million of class D floating-rate notes at Libor plus 455 bps, $21 million of class E floating-rate notes at Libor plus 790 bps and $38.78 million of subordinated notes.
The CLO was originally issued in June 2019 and refinanced in February 2022.
Apogem is a subsidiary of New York Life Insurance Co. The firm was formed from PA Capital, Madison Capital Funding and GoldPoint Partners in April 2022. Madison Capital Funding LLC was originally listed as the issuer.
| Issuer: | MCF CLO IX Ltd./MCF CLO IX LLC
|
| Issue: | Floating-rate notes, floating-rate loans and subordinated notes
|
| Amount: | $302.78 million
|
| Maturity: | April 17, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | Wells Fargo Securities LLC
|
| Manager: | Apogem Capital LLC
|
| Call feature: | March 28, 2026
|
| Pricing date: | March 26
|
| Settlement date: | March 28
|
|
|
| Class A-1-RR notes
|
| Amount: | $125.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 200 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-L-RR loans
|
| Amount: | $50 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 200 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-RR notes
|
| Amount: | $22.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 270 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-L loans
|
| Amount: | $15 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 270 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-RR notes
|
| Amount: | $18 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 325 bps
|
| Rating: | S&P: A
|
|
|
| Class D-RR notes
|
| Amount: | $15 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 525 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $18 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 806 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $38.78 million
|
| Securities: | Subordinated notes
|
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