Chicago, Dec. 22 – MidOcean Credit RR Manager LLC sold $347.1 million in a collateralized loan obligation being issued by MidOcean Credit CLO XI Ltd., according to multiple press releases.
The notes will mature on Oct. 18, 2033.
The CLO consists of $213.5 million of class A-1 senior secured floating-rate notes at SOFR plus 235 basis points, $7.5 million of class A-2a senior secured floating-rate notes at SOFR plus 280 bps, $10 million of class A-2b 6.73% senior secured fixed-rate notes, $35 million of class B senior secured floating-rate notes at SOFR plus 315 bps, $17.5 million of class C deferrable mezzanine secured floating-rate notes at SOFR plus 425 bps, $19.6 million of class D deferrable mezzanine secured floating-rate notes at SOFR plus 611 bps, $12.7 million of class E deferrable junior secured floating-rate notes at SOFR plus 911 bps, $ million of class senior secured deferrable floating-rate notes at SOFR plus bps, $ million of class senior secured deferrable floating-rate notes at SOFR plus bps, $ million of class senior secured floating-rate notes at SOFR plus bps, $ million of class senior deferrable floating-rate notes at SOFR plus bps, $ million of class senior deferrable floating-rate notes at SOFR plus bps, and$31.3 million of subordinated notes.
MidOcean Credit RR Manager LLC will manage the collateral through the end of the reinvestment period on Oct. 20, 2025.
Collateral for the notes consists of first-lien senior secured leveraged loans.
The notes can be called starting Nov. 20, 2023.
The CLO manager is an affiliate of New York City-based private equity firm MidOcean Partners.
| Issuer: | MidOcean Credit CLO XI Ltd.
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $347.1 million
|
| Maturity: | Oct. 18, 2033
|
| Structure: | Cash flow CLO
|
| Manager: | MidOcean Credit RR Manager LLC
|
| Call feature: | Nov. 20, 2023
|
| Settlement date: | Nov. 18
|
|
|
| Class A-1 notes
|
| Amount: | $213.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 235 bps
|
| Rating: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2a notes
|
| Amount: | $7.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 280 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-2b notes
|
| Amount: | $10 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 6.73%
|
| Rating: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $35 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 315 bps
|
| Rating: | Fitch: AA
|
|
|
| Class C notes
|
| Amount: | $17.5 million
|
| Securities: | Deferrable mezzanine secured floating-rate notes
|
| Coupon: | SOFR plus 425 bps
|
| Rating: | Fitch: A+
|
|
|
| Class D notes
|
| Amount: | $19.6 million
|
| Securities: | Deferrable mezzanine secured floating-rate notes
|
| Coupon: | SOFR plus 611 bps
|
| Rating: | Fitch: BBB
|
|
|
| Class E notes
|
| Amount: | $12.7 million
|
| Securities: | Deferrable junior secured floating-rate notes
|
| Coupon: | SOFR plus 911 bps
|
| Rating: | Fitch: BB-
|
|
|
| Subordinated notes
|
| Amount: | $31.3 million
|
| Securities: | Subordinated notes
|
|
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