Apollo Global Management
Apollo BDC Prices First Private Credit CLO
Mon 10/02/2023 11:10 AM
Apollo Global’s business development company, MidCap Financial Investment Corp., or MFIC, priced a new private credit collateralized loan obligation, or CLO, on Friday, Sept. 29, according to market sources. The $402.36 million transaction named MFIC Bethesda CLO 1 priced with Deutsche Bank acting as arranger.
The deal is a fully separate shelf from the CLOs issued by MidCap Financial, Apollo’s direct lending affiliate. MFIC Bethesda 1 is managed by a team led by Managing Director Ted McNulty, sources say.
The CLO is structured with two debt tranches, both of which are rated triple A. The $232 million senior notes pay a coupon of S+240 bps while the $16 million junior triple A notes pay 290 bps. The weighted average cost of capital for the transaction is 243.23 bps.
MFIC Bethesda 1 is noncall for two years and will reinvest for four years through October 2027.
The deal is a fully separate shelf from the CLOs issued by MidCap Financial, Apollo’s direct lending affiliate. MFIC Bethesda 1 is managed by a team led by Managing Director Ted McNulty, sources say.
The CLO is structured with two debt tranches, both of which are rated triple A. The $232 million senior notes pay a coupon of S+240 bps while the $16 million junior triple A notes pay 290 bps. The weighted average cost of capital for the transaction is 243.23 bps.
MFIC Bethesda 1 is noncall for two years and will reinvest for four years through October 2027.
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