MidOcean Credit Partners plans to issue its third collaterized loan obligation, according to a presale report published by Standard & Poor’s.  The $473.75 million deal trumps the first two transactions by more than $100 million.

The deal, MidOcean Credit CLO III, is backed by a revolving pool of primarily broadly syndicated senior loans.  As of yesterday, the issuer identified 85.63% of the portfolio’s collateral.

Of the seven tranches of notes, S&P assigned ‘AAA’ preliminary status to only the class A notes.  The $312 million notes are offered at 146 basis points over three-month LIBOR.  The notes can cannot be called until July 2016 and have a reinvestment period of four years. 

Credit Suisse is the arranger for the deal.

MidOcean has two recent CLOs under its belt: MidOcean Credit CLO I and MidOcean Credit CLO II.  CLO I, from April 2013, was a $370 million deal, and CLO II, a $372 million deal.  Both transactions were backed by a revolving pool of broadly syndicated senior loans.

Founded in February 2003, MidOcean Partners is a private investment firm specializing in domestic and European, middle market investments.  As of June 2014, MidoOcean had approximately $5 billion in total assets under management.  The company is headquartered in New York, NY and London.

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