Chicago, Oct. 20 – Bain Capital Credit LP sold $396.57 million in a collateralized loan obligation being issued by BCC Middle Market CLO 2023-2 LLC, according to a presale report.
The notes will mature on Oct. 21, 2035.
The CLO consists of $234 million of class A-1 senior secured floating-rate notes at SOFR plus 255 basis points, $14 million of class A-2 senior secured floating-rate notes at SOFR plus 315 bps, $24 million of class B senior secured floating-rate notes at SOFR plus 335 bps, $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 675 bps, $24 million of class E senior secured deferrable floating-rate notes at SOFR plus 1,000 bps and $44.57 million of subordinated notes.
Bain Capital Credit LP will manage the collateral through the end of the reinvestment period on Nov. 16, 2027.
Collateral for the notes consists of middle-market speculative-grade senior secured term loans.
The notes can be called starting Nov. 16, 2025.
Natixis Securities Americas LLC was the placement agent.
The CLO manager is a subsidiary of Boston-based investment firm Bain Capital.
Issuer: | BCC Middle Market CLO 2023-2 LLC
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Issue: | Floating-rate notes and subordinated notes
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Amount: | $396.57 million
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Maturity: | Oct. 21, 2035
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Structure: | Cash flow CLO
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Placement agent: | Natixis Securities Americas LLC
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Manager: | Bain Capital Credit LP
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Call feature: | Nov. 16, 2025
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Pricing date: | Oct. 19
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Settlement date: | Nov. 16
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Class A-1 notes
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Amount: | $234 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-2 notes
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Amount: | $14 million
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Securities: | Senior secured floating-rate notes
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Coupon: | SOFR plus 315 bps
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Rating: | S&P: AAA
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Class B notes
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Amount: | $24 million
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Securities: | Senior secured floating-rate notes
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Coupon: | SOFR plus 335 bps
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Rating: | S&P: AA
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Class C notes
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Amount: | $32 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | SOFR plus 455 bps
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Rating: | S&P: A
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Class D notes
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Amount: | $24 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | SOFR plus 675 bps
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Rating: | S&P: BBB-
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Class E notes
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Amount: | $24 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | SOFR plus 1000 bps
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Rating: | S&P: BB-
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Subordinated notes
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Amount: | $44.57 million
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Securities: | Subordinated notes
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