Chicago, July 24 – Bain Capital Senior Loan Program LLC priced $397.64 million of notes in a collateralized loan obligation being issued by BCC Middle Market CLO 2023-1 LLC, according to a presale report.
The notes will mature on July 20, 2035.
The CLO consists of $234 million of class A senior secured floating-rate notes at SOFR plus 255 basis points, $29 million of class B-1 senior secured floating-rate notes at SOFR plus 380 bps, $9 million of class B-2 7.5% senior secured fixed-rate notes, $32 million of class C senior secured deferrable floating-rate notes at SOFR plus 455 bps, $24 million of class D senior secured deferrable floating-rate notes at SOFR plus 665 bps, $24 million of class E senior secured deferrable floating-rate notes at SOFR plus 984 bps and $45.64 million of subordinated notes.
Bain Capital Senior Loan Program LLC will manage the collateral through the end of the reinvestment period on July 20, 2027.
Collateral for the notes consists of middle-market speculative-grade senior secured term loans.
There will be a non-call period end date, but it has not yet been determined.
Wells Fargo Securities LLC was the placement agent.
The CLO manager is a subsidiary of Boston-based investment firm Bain Capital.
| Issuer: | BCC Middle Market CLO 2023-1 LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $397.6355 million
|
| Maturity: | July 20, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Wells Fargo Securities LLC
|
| Manager: | Bain Capital Senior Loan Program LLC
|
| Call feature: | TBD
|
| Settlement date: | Aug. 9
|
|
|
| Class A notes
|
| Amount: | $234 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 255 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $29 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 380 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $9 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 7.5%
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $32 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 455 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 665 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 984 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $45,635,500
|
| Securities: | Subordinated notes
|
|
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