Chicago, Feb. 22 – Bain Capital Credit U.S. CLO Manager LLC sold $555.65 million in a collateralized loan obligation being issued by Bain Capital Credit CLO 2022-1 Ltd./Bain Capital Credit CLO 2022-1 LLC, according to a pre-sale report.
The notes will mature on April 18, 2035.
The CLO consists of $335.5 million of class A-1 senior secured floating-rate notes at SOFR plus 132 basis points, $22 million of class A-2 senior secured floating-rate notes at SOFR plus 157 bps, $60.5 million of class B senior secured floating-rate notes at SOFR plus 185 bps, $31.79 million of class C senior secured deferrable floating-rate notes at SOFR plus 220 bps, $34.21 million of class D senior secured deferrable floating-rate notes at SOFR plus 320 bps, $22 million of class E senior secured deferrable floating-rate notes at SOFR plus 650 bps and $49.65 million of subordinated notes.
Bain Capital Credit U.S. CLO Manager LLC will manage the collateral through the end of the reinvestment period on April 18, 2027.
Collateral will come from senior secured loans, cash and eligible investments.
The notes can be called starting April 18, 2024.
Citigroup was the placement agent.
The asset management firm is based in Boston.
| Issuer: | Bain Capital Credit CLO 2022-1 Ltd./Bain Capital Credit CLO 2022-1 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $555.65 million
|
| Maturity: | April 18, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup
|
| Manager: | Bain Capital Credit U.S. CLO Manager LLC
|
| Call feature: | April 18, 2024
|
| Settlement date: | March 17
|
|
|
| Class A-1 notes
|
| Amount: | $335.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 132 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $22 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 157 bps
|
|
|
| Class B notes
|
| Amount: | $60.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 185 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $31.79 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 220 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $34.21 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 320 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $22 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 650 bps
|
|
|
| Subordinated notes
|
| Amount: | $49.65 million
|
| Securities: | Subordinated notes
|
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