By Cristal Cody
Tupelo, Miss., Sept. 22 – Bain Capital Credit Ltd. priced $509.7 million of notes and preferred shares in a refinancing and reset of the vintage 2015 Race Point IX CLO Ltd./Race Point IX CLO Corp. offering, according to a market source and a notice of executed supplemental indenture on Thursday.
The CLO sold $2.8 million of class X floating-rate notes at Libor plus 65 basis points; $285 million of class A-1A-R floating-rate notes at Libor plus 121 bps; $31 million of class A-1B-R floating-rate notes at Libor plus 135 bps; $59.5 million of class A-2-R floating-rate notes at Libor plus 165 bps; $30 million of class B-R deferrable floating-rate notes at Libor plus 215 bps; $29.75 million of class C-R deferrable floating-rate notes at Libor plus 320 bps; and $8.5 million of class D-R deferrable floating-rate notes at Libor plus 690 bps.
The deal included $63.15 million of preferred shares as equity.
Citigroup Global Markets Inc. arranged the refinancing.
Bain Capital, formerly known as Sankaty Advisors LP, is the CLO manager.
The maturity on the refinanced notes was extended to Oct. 15, 2030 from the original April 2027 maturity.
The refinanced CLO has a two-year non-call period and a five-year reinvestment period.
The original $506.9 million deal priced on Feb. 13, 2015. The CLO sold $323.1 million of class A-1 floating-rate notes at Libor plus 151 bps; $49 million of class A-2 floating-rate notes at Libor plus 225 bps; $25.9 million of class B floating-rate notes at Libor plus 310 bps; $32.9 million of class C floating-rate notes at Libor plus 360 bps; $29.5 million of class D floating-rate notes at Libor plus 520 bps; $6.3 million of class E floating-rate notes at Libor plus 585 bps; and $40.2 million of subordinated notes.
The reset deal is backed primarily by broadly syndicated senior secured loans.
Proceeds from the refinancing were used to redeem the original notes.
Bain Capital Credit is an asset management firm based in Boston.
| Issuer: | Race Point IX CLO Ltd./Race Point IX CLO Corp.
|
| Amount: | $509.7 million refinancing
|
| Maturity: | Oct. 15, 2030
|
| Securities: | Floating-rate notes and preferred shares
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Citigroup Global Markets Inc.
|
| Manager: | Bain Capital Credit Ltd.
|
| Call feature: | Oct. 15, 2019
|
| Settlement date: | Sept. 21
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class X notes
|
| Amount: | $2.8 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 65 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-1A-R notes
|
| Amount: | $285 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 121 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-1B-R notes
|
| Amount: | $31 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 135 bps
|
| Ratings: | Fitch: AAA
|
|
|
| Class A-2-R notes
|
| Amount: | $59.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Ratings: | S&P: AA
|
|
|
| Class B-R notes
|
| Amount: | $30 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 215 bps
|
| Ratings: | S&P: A
|
|
|
| Class C-R notes
|
| Amount: | $29.75 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 320 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class D-R notes
|
| Amount: | $8.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 690 bps
|
| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $63.15 million
|
| Securities: | Preferred shares
|
| Ratings: | Non-rated
|
|
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