Chicago, Aug. 18 – Bain Capital Credit U.S. CLO Manager II, LP sold $596.65 million of notes in a collateralized loan obligation being issued by Bain Capital Credit CLO 2023-3, Ltd., according to presale reports.
The notes will mature on July 24, 2036.
The CLO consists of $384 million of class A senior secured floating-rate notes at SOFR plus 180 basis points, $72 million of class B senior secured floating-rate notes at SOFR plus 270 bps, $34.2 million of class C secured deferrable floating-rate notes at SOFR plus 325 bps, $31.8 million of class D secured deferrable floating-rate notes at SOFR plus 525 bps, $24 million of class E secured deferrable floating-rate notes at SOFR plus 855 bps and $50.65 million of subordinated notes.
Bain Capital Credit U.S. CLO Manager II, LP will manage the collateral through the end of the reinvestment period on July 24, 2028.
Collateral for the notes consists of non-investment-grade broadly syndicated loans.
The notes can be called starting Aug. 8, 2025.
Citigroup Global Markets Inc. was the placement agent.
Bain Capital, a Boston-based asset management firm, is a subsidiary of Bain Capital LP.
| Issuer: | Bain Capital Credit CLO 2023-3, Ltd.
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $596.65 million
|
| Maturity: | July 24, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Bain Capital Credit U.S. CLO Manager II, LP
|
| Call feature: | Aug. 8, 2025
|
| Pricing date: | July 28
|
| Settlement date: | Aug. 8
|
|
|
| Class A notes
|
| Amount: | $384 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 180 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B notes
|
| Amount: | $72 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 270 bps
|
| Rating: | Moody's: Aa2
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | $34.2 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 325 bps
|
| Rating: | Fitch: A
|
|
|
| Class D notes
|
| Amount: | $31.8 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 525 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | $24 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 855 bps
|
| Rating: | Fitch: BB-
|
|
|
| Subordinated notes
|
| Amount: | $50.65 million
|
| Securities: | Subordinated notes
|
|
|
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