Chicago, Feb. 1 – Bain Capital Specialty Finance, Inc. refinanced for $512.25 million a collateralized loan obligation issued by BCC Middle Market CLO 2019-1 LLC, according to a supplemental indenture and a notice.
The notes will mature on October 2033.
The refinanced CLO consists of $282.5 million of class A-1-R senior secured floating-rate notes at Libor plus 150 basis points, $55 million of class A-2-R senior secured floating-rate notes at Libor plus 200 bps, $47.5 million of class B-R secured deferrable floating-rate notes at Libor plus 260 bps, $25 million of class C-R secured deferrable floating-rate notes at Libor plus 375 bps and $102.25 million of interests.
In the August 2019 original transaction, the CLO sold $222.5 million of class A-1 floating-rate notes at Libor plus 170 bps; $50 million of class A-1L loans at Libor plus 170 bps; $50.75 million of class A-2A floating-rate notes at Libor plus 270 bps; $13 million of 4.23% class A-2B fixed-rate notes; $30 million of class B floating-rate notes at Libor plus 360 bps; $32.5 million of class C floating-rate notes at Libor plus 475 bps and $102.75 million of subordinated notes.
Bain Capital Specialty Finance, Inc. will manage the collateral through the end of the reinvestment period on Oct. 15, 2025.
Collateral will come a portfolio of first-lien senior secured middle-market loans.
The notes can be called starting October 2023.
Natixis Securities Americas LLC was the placement agent.
The CLO manager is a subsidiary of Boston-based investment firm Bain Capital.
| Issuer: | BCC Middle Market CLO 2019-1 LLC
|
| Issue: | Floating-rate notes and interests
|
| Amount: | $512.25 million
|
| Maturity: | October 2033
|
| Structure: | Cash flow CLO
|
| Placement agent: | Natixis Securities Americas LLC
|
| Manager: | Bain Capital Specialty Finance, Inc.
|
| Call feature: | October 2023
|
| Settlement date: | Nov. 30
|
|
|
| Class A-1-R notes
|
| Amount: | $282.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-2-R notes
|
| Amount: | $55 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | Fitch: AA
|
|
|
| Class B-R notes
|
| Amount: | $47.5 million
|
| Securities: | Secured Deferrable floating-rate notes
|
| Coupon: | Libor plus 260 bps
|
| Rating: | Fitch: A
|
|
|
| Class C-R notes
|
| Amount: | $25 million
|
| Securities: | Secured Deferrable floating-rate notes
|
| Coupon: | Libor plus 375 bps
|
| Rating: | Fitch: BBB+
|
|
|
| Interests
|
| Amount: | $102.25 million
|
| Securities: | Interests
|
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