Chicago, March 31 – Bain Capital Credit U.S. CLO Manager II, LP issued $401 million in a collateralized loan obligation from Bain Capital Credit CLO 2023-1, Ltd., according to new issue reports.
The notes will mature on April 16, 2036.
The CLO consists of $30 million of class A-L senior secured floating-rate loans at SOFR plus 183 basis points, $215 million of class A-N senior secured floating-rate notes at SOFR plus 183 bps, $3 million of class A-F 5.29% senior secured fixed-rate notes, $56 million of class B senior secured floating-rate notes at SOFR plus 225 bps, $22 million of class C secured deferrable floating-rate notes at SOFR plus 300 bps, $24 million of class D secured deferrable floating-rate notes at SOFR plus 490 bps, $14 million of class E secured deferrable floating-rate notes at SOFR plus 805 bps and $37 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 5.1-year.
Collateral for the notes consists of first-lien senior secured loans.
Bain Capital, a Boston-based asset management firm, is a subsidiary of Bain Capital LP.
| Issuer: | Bain Capital Credit CLO 2023-1, Ltd.
|
| Issue: | Floating-rate loans, floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $401 million
|
| Maturity: | April 16, 2036
|
| Structure: | Cash flow CLO
|
| Manager: | Bain Capital Credit U.S. CLO Manager II, LP
|
| Settlement date: | March 16
|
|
|
| Class A-L loans
|
| Amount: | $30 million
|
| Securities: | Senior secured floating-rate loans
|
| Coupon: | SOFR plus 183 bps
|
| Rating: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class A-N notes
|
| Amount: | $215 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 183 bps
|
| Rating: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class A-F notes
|
| Amount: | $3 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 5.29%
|
| Rating: | Moody's: Aaa
|
|
|
| Class B notes
|
| Amount: | $56 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 225 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class C notes
|
| Amount: | $22 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 300 bps
|
| Rating: | Fitch: A
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 490 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | $14 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 805 bps
|
| Rating: | Fitch: BB-
|
|
|
| Subordinated notes
|
| Amount: | $37 million
|
| Securities: | Subordinated notes
|
|
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