Chicago, April 12 – MidOcean Credit RR Manager LLC sold $410 million in a collateralized loan obligation being issued by MidOcean Credit CLO XIV Ltd., according to press releases.
The notes will mature on April 15, 2037.
The CLO consists of $246 million of class A-1 senior secured floating-rate notes, $14 million of class A-2 senior secured floating-rate notes, $44 million of class B senior secured floating-rate notes, $24 million of class C deferrable mezzanine secured floating-rate notes, $24 million of class D deferrable mezzanine secured floating-rate notes, $5 million of class E-1 deferrable junior secured floating-rate notes, $9 million of class E-2 deferrable junior secured floating-rate notes and $44 million of subordinated notes.
MidOcean Credit RR Manager LLC will manage the collateral through the end of the five-year reinvestment period.
Collateral for the notes consists of broadly syndicated senior secured corporate loans.
The CLO manager is an affiliate of New York City-based private equity firm MidOcean Partners.
| Issuer: | MidOcean Credit CLO XIV Ltd.
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $410 million
|
| Maturity: | April 15, 2037
|
| Structure: | Cash flow CLO
|
| Manager: | MidOcean Credit RR Manager LLC
|
| Settlement date: | March 28
|
|
|
| Class A-1 notes
|
| Amount: | $246 million
|
| Securities: | Senior secured floating-rate notes
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-2 notes
|
| Amount: | $14 million
|
| Securities: | Senior secured floating-rate notes
|
| Rating: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $44 million
|
| Securities: | Senior secured floating-rate notes
|
| Rating: | Fitch: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Deferrable mezzanine secured floating-rate notes
|
| Rating: | Fitch: A
|
|
|
| Class D notes
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| Amount: | $24 million
|
| Securities: | Deferrable mezzanine secured floating-rate notes
|
| Rating: | Fitch: BBB-
|
|
|
| Class E-1 notes
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| Amount: | $5 million
|
| Securities: | Deferrable junior secured floating-rate notes
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| Rating: | Fitch: BB-
|
|
|
| Class E-2 notes
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| Amount: | $9 million
|
| Securities: | Deferrable junior secured floating-rate notes
|
| Rating: | Fitch: BB-
|
|
|
| Subordinated notes
|
| Amount: | $44 million
|
| Securities: | Subordinated notes
|
|
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