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Published on 9/5/2023 in the Prospect News CLO Daily.

New Issue: BH Credit Management sells $401.6 million Barrow Hanley CLO II

Chicago, Sept. 5 – BH Credit Management LLC priced $401.6 million of notes in a collateralized loan obligation being issued by Barrow Hanley CLO II Ltd./Barrow Hanley CLO II LLC, according to a presale report.

The notes will mature on Oct. 20, 2035.

The CLO consists of $240 million of class A-1 senior secured floating-rate notes at SOFR plus 205 basis points, $16 million of class A-2 senior secured floating-rate notes at SOFR plus 255 bps, $48 million of class B senior secured floating-rate notes at SOFR plus 300 bps, $23 million of class C senior secured deferrable floating-rate notes at SOFR plus 350 bps, $20 million of class D-1 senior secured deferrable floating-rate notes at SOFR plus 575 bps, $3 million of class D-2 9.62% senior secured deferrable fixed-rate notes, $12 million of class E senior secured deferrable floating-rate notes at SOFR plus 837 bps and $39.6 million of subordinated notes.

BH Credit Management LLC will manage the collateral through the end of the reinvestment period on April 20, 2027.

Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.

The notes can be called starting Oct. 20, 2024.

Goldman Sachs & Co. LLC is the placement agent.

Based in Dallas, Barrow Hanley focuses on value investing.

Issuer:Barrow Hanley CLO II Ltd./Barrow Hanley CLO II LLC
Issue:Floating-rate notes, fixed-rate notes and subordinated notes
Amount:$401.6 million
Maturity:Oct. 20, 2035
Structure:Cash flow CLO
Placement agent:Goldman Sachs & Co. LLC
Manager:BH Credit Management LLC
Call feature:Oct. 20, 2024
Pricing date:Sept. 1
Settlement date:Sept. 14
Class A-1 notes
Amount:$240 million
Securities:Senior secured floating-rate notes
Coupon:SOFR plus 205 bps
Rating:S&P: AAA
Class A-2 notes
Amount:$16 million
Securities:Senior Secured floating-rate notes
Coupon:SOFR plus 255 bps
Rating:S&P: AAA
Class B notes
Amount:$48 million
Securities:Senior secured floating-rate notes
Coupon:SOFR plus 300 bps
Rating:S&P: AA
Class C notes
Amount:$23 million
Securities:Senior secured deferrable floating-rate notes
Coupon:SOFR plus 350 bps
Rating:S&P: A
Class D-1 notes
Amount:$20 million
Securities:Senior secured deferrable floating-rate notes
Coupon:SOFR plus 575 bps
Rating:S&P: BBB-
Class D-2 notes
Amount:$3 million
Securities:Senior secured deferrable fixed-rate notes
Coupon:9.62%
Rating:S&P: BBB-
Class E notes
Amount:$12 million
Securities:Senior secured deferrable floating-rate notes
Coupon:SOFR plus 837 bps
Rating:S&P: BB-
Subordinated notes
Amount:$39.6 million
Securities:Subordinated notes

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