By Cristal Cody
Tupelo, Miss., June 14 – Bain Capital Credit CLO Advisors, LP priced $611.7 million of notes due July 19, 2031 in a new collateralized loan obligation deal, according to a market source.
Bain Capital Credit CLO 2018-2 Ltd./Bain Capital Credit CLO 2018-2 LLC sold $354 million of class A-1 floating-rate notes at Libor plus 108 basis points; $33 million of class A-2 floating-rate notes at Libor plus 130 bps; $69 million of class B floating-rate notes at Libor plus 160 bps; $39 million of class C floating-rate notes at Libor plus 190 bps; $31.5 million of class D floating-rate notes at Libor plus 285 bps; $25.5 million of class E floating-rate notes at Libor plus 575 bps; $9 million of class F floating-rate notes at Libor plus 760 bps and $50.7 million of subordinated notes.
Barclays arranged the deal.
Bain Capital is the CLO manager.
The CLO has a two-year non-call period and a five-year reinvestment period.
The deal is backed primarily by broadly syndicated first-lien senior secured loans.
Bain Capital Credit is an asset management firm based in Boston.
| Issuer: | Bain Capital Credit CLO 2018-2 Ltd./Bain Capital Credit CLO 2018-2 LLC
|
| Amount: | $611.7 million
|
| Maturity: | July 19, 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | Bain Capital Credit CLO Advisors, LP
|
| Call feature: | Two years
|
| Pricing date: | June 1
|
| Settlement date: | July 12
|
|
|
| Class A-1 notes
|
| Amount: | $354 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 108 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $33 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 130 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $69 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Ratings: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $39 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $31.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 285 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $25.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 575 bps
|
| Ratings: | Non-rated
|
|
|
| Class F notes
|
| Amount: | $9 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 760 bps
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $50.7 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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