By Cristal Cody
Tupelo, Miss., Oct. 1 – Cerberus Capital Management, LP priced $432.1 million of notes due Oct. 15, 2031 in the manager’s first middle-market CLO offering of the year, according to market sources.
Cerberus Loan Funding XXVIII LP sold $223.6 million of class A senior secured floating-rate notes at Libor plus 185 basis points, $34.4 million of class B senior secured floating-rate notes at Libor plus 255 bps, $43 million of class C secured deferrable floating-rate notes at Libor plus 370 bps and $21.5 million of class D secured deferrable floating-rate notes at Libor plus 530 bps.
The deal included $85.6 million of limited partnership interests and $24 million of general partnership interest notes.
Natixis Securities Americas LLC was the placement agent.
Cerberus Business Finance, LLC will manage the CLO.
The issue has a one-year non-call period and a two-year reinvestment period.
The CLO is collateralized by small and medium-sized enterprise loans and other assets.
Cerberus priced two middle-market CLO deals in 2019.
The private equity firm is based in New York.
| Issuer: | Cerberus Loan Funding XXVIII LP
|
| Amount: | $432.1 million
|
| Securities: | Floating-rate notes and partnership interests
|
| Maturity: | Oct. 15, 2031
|
| Structure: | Middle-market CLO
|
| Placement agent: | Natixis Securities Americas LLC
|
| Manager: | Cerberus Business Finance, LLC
|
| Call feature: | One year
|
| Pricing date: | Sept. 24
|
| Settlement date: | Oct. 22
|
|
|
| Class A notes
|
| Amount: | $223.6 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Ratings: | Moody’s: Aaa
|
|
|
| Class B notes
|
| Amount: | $34.4 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 255 bps
|
| Ratings: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | $43 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 370 bps
|
| Ratings: | Moody’s: A3
|
|
|
| Class D notes
|
| Amount: | $21.5 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 530 bps
|
| Ratings: | Moody’s: Baa3
|
|
|
| Equity
|
| Amount: | $85.6 million
|
| Securities: | Limited partnership interests
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $24 million
|
| Securities: | General partnership interests
|
| Ratings: | Non-rated
|
|
|
|
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