By Cristal Cody
Tupelo, Miss., June 3 – Audax Management Co. (NY) LLC priced $499.56 million of loans and notes due April 22, 2029 in the manager’s first middle-market CLO deal, according to market sources.
Audax Senior Debt CLO I LLC sold $310.5 million of class A loans at Libor plus 195 basis points, $34.5 million of class A floating-rate notes at Libor plus 195 bps, $35 million of class B floating-rate notes at Libor plus 380 bps, $7.5 million of 6.063% class C fixed-rate notes and $112.06 million of interest notes.
Wells Fargo Securities, LLC was the placement agent.
Audax Management Co. (NY) will manage the CLO.
The CLO has a two-year non-call period and a two-year reinvestment period.
The deal is backed by broadly syndicated and middle-market first-lien senior secured loans.
Audax Management Co. (NY) is a private equity firm and part of Boston-based middle-market investment firm Audax Group, Inc.
| Issuer: | Audax Senior Debt CLO I LLC
|
| Amount: | $499.56 million
|
| Maturity: | April 22, 2029
|
| Securities: | Loans, fixed-rate notes, floating-rate notes and interest notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Wells Fargo Securities, LLC
|
| Manager: | Audax Management Co. (NY) LLC
|
| Call feature: | Two years
|
| Pricing date: | May 30
|
| Settlement date: | June 13
|
|
|
| Class A loans
|
| Amount: | $310.5 million
|
| Securities: | Loans
|
| Coupon: | Libor plus 195 bps
|
| Rating: | S&P: AA
|
|
|
| Class A notes
|
| Amount: | $34.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 195 bps
|
| Rating: | S&P: AA
|
|
|
| Class B notes
|
| Amount: | $35 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 380 bps
|
| Rating: | S&P: A
|
|
|
| Class C notes
|
| Amount: | $7.5 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 6.063%
|
| Rating: | S&P: A
|
|
|
| Equity
|
| Amount: | $112.06 million
|
| Securities: | Interest notes
|
| Ratings: | Non-rated
|
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