Chicago, Aug. 25 – Bain Capital Credit U.S. CLO Manager II, LP priced $450.6 million of notes in a collateralized loan obligation being issued by Bain Capital Credit CLO 2023-4 Ltd., according to a presale report.
The notes will mature on Oct. 21, 2036.
The CLO consists of $270 million of class A-1 senior secured floating-rate notes at SOFR plus 171 basis points, $22.5 million of class A-2 senior secured floating-rate notes at SOFR plus 215 bps, $49.5 million of class B senior secured floating-rate notes at SOFR plus 250 bps, $27 million of class C senior secured deferrable floating-rate notes at SOFR plus 290 bps, $27 million of class D senior secured deferrable floating-rate notes at SOFR plus 500 bps, $13.5 million of class E senior secured deferrable floating-rate notes at SOFR plus 816 bps and $41.1 million of subordinated notes.
Bain Capital Credit U.S. CLO Manager II, LP will manage the collateral through the end of the five-year reinvestment period.
Collateral for the notes consists of first-lien senior secured leveraged loans.
Bain Capital, a Boston-based asset management firm, is a subsidiary of Bain Capital LP.
| Issuer: | Bain Capital Credit CLO 2023-4 Ltd.
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $450.6 million
|
| Maturity: | Oct. 21, 2036
|
| Structure: | Cash flow CLO
|
| Manager: | Bain Capital Credit U.S. CLO Manager II, LP
|
| Pricing date: | Aug. 16
|
|
|
| Class A-1 notes
|
| Amount: | $270 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 171 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $22.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 215 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $49.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 250 bps
|
| Rating: | Fitch: AA
|
|
|
| Class C notes
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| Amount: | $27 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 290 bps
|
| Rating: | Fitch: A
|
|
|
| Class D notes
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| Amount: | $27 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 500 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class E notes
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| Amount: | $13.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 816 bps
|
| Rating: | Fitch: BB-
|
|
|
| Subordinated notes
|
| Amount: | $41.1 million
|
| Securities: | Subordinated notes
|
|
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