Chicago, March 12 – Bain Capital Senior Loan Program LLC refinanced and extended for $525.45 million the collateralized loan obligation issued by BCC Middle Market CLO 2018-1 LLC, according to a presale report.
The notes will mature on April 20, 2036.
The refinanced CLO consists of $290 million of class A-1-R senior secured floating-rate notes at SOFR plus 225 basis points, $20 million of class A-J-R senior secured floating-rate notes at SOFR plus 270 bps, $30 million of class A-2-R senior secured floating-rate notes at SOFR plus 290 bps, $40 million of class B-R senior secured deferrable floating-rate notes at SOFR plus 390 bps, $30 million of class C-R senior secured deferrable floating-rate notes at SOFR plus 590 bps, $30 million of class D-R senior secured deferrable floating-rate notes at SOFR plus 832 bps and $85.45 million of subordinated notes.
The September 2018 transaction had $215.9 million of class A-1A floating-rate notes at Libor plus 155 bps; $35 million of class A-1B floating-rate notes at Libor plus 150 bps, which step up to Libor plus 180 bps after two years; $55.1 million of class A-2 floating-rate notes at Libor plus 215 bps; $29.3 million of class B floating-rate notes at Libor plus 300 bps; $30.4 million of class C floating-rate notes at Libor plus 400 bps and $84.57 million of subordinated notes.
Bain Capital Senior Loan Program LLC will manage the collateral through the end of the reinvestment period on April 20, 2028.
Collateral for the notes consists of middle-market speculative-grade senior secured term loans.
The notes can be called starting March 13, 2026.
Citigroup Global Markets Inc. was the placement agent.
The manager is a subsidiary of Boston-based investment firm Bain Capital.
| Issuer: | BCC Middle Market CLO 2018-1 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $525.45 million
|
| Maturity: | April 20, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Bain Capital Senior Loan Program LLC
|
| Call feature: | March 13, 2026
|
| Pricing date: | March 5
|
| Settlement date: | March 13
|
|
|
| Class A-1-R notes
|
| Amount: | $290 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 225 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-J-R notes
|
| Amount: | $20 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 270 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2-R notes
|
| Amount: | $30 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 290 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-R notes
|
| Amount: | $40 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 390 bps
|
| Rating: | S&P: A
|
|
|
| Class C-R notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 590 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D-R notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 832 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $85.45 million
|
| Securities: | Subordinated notes
|
|
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