Chicago, April 4 – AB Private Credit Investors LLC sold $528.79 million in a collateralized loan obligation being issued by ABPCI Direct Lending Fund CLO XII Ltd./ABPCI Direct Lending Fund CLO XII LLC, according to a presale report.
The notes will mature on April 29, 2035.
The CLO consists of $99.45 million of class A senior secured floating-rate notes at SOFR plus 255 basis points, $200 million of class A-L senior secured floating-rate loans at SOFR plus 255 bps, $60.95 million of class B senior secured floating-rate notes at SOFR plus 350 bps, $42.4 million of class C senior secured deferrable floating-rate notes at SOFR plus 440 bps, $26.5 million of class D senior secured deferrable floating-rate notes at SOFR plus 660 bps, $21.2 million of class E senior secured deferrable floating-rate notes at SOFR plus 968 bps and $78.29 million of subordinated notes.
AB Private Credit Investors LLC will manage the collateral through the end of the reinvestment period on April 29, 2027.
Collateral for the notes consists of middle-market speculative-grade senior secured term loans.
The notes can be called starting April 29, 2025.
SG Americas Securities LLC was the placement agent.
Middle-market lender AB Private Credit Investors is a subsidiary of New York-based AllianceBernstein LP.
Issuer: | ABPCI Direct Lending Fund CLO XII Ltd./ABPCI Direct Lending Fund CLO XII LLC
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Issue: | Floating-rate notes and subordinated notes
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Amount: | $528.79 million
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Maturity: | April 29, 2035
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Structure: | Cash flow CLO
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Placement agent: | SG Americas Securities LLC
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Manager: | AB Private Credit Investors LLC
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Call feature: | April 29, 2025
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Settlement date: | March 30
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Class A notes
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Amount: | $99.45 million
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Securities: | Senior secured floating-rate notes
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Coupon: | SOFR plus 255 bps
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Rating: | S&P: AAA
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|
Class A-L loans
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Amount: | $200 million
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Securities: | Senior secured floating-rate loans
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Coupon: | SOFR plus 255 bps
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Rating: | S&P: AAA
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Class B notes
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Amount: | $60.95 million
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Securities: | Senior secured floating-rate notes
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Coupon: | SOFR plus 350 bps
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Rating: | S&P: AA
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Class C notes
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Amount: | $42.4 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | SOFR plus 440 bps
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Rating: | S&P: A
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Class D notes
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Amount: | $26.5 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | SOFR plus 660 bps
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Rating: | S&P: BBB
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Class E notes
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Amount: | $21.2 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | SOFR plus 968 bps
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Rating: | S&P: BB
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Subordinated notes
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Amount: | $78.29 million
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Securities: | Subordinated notes
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