MSD Investment Corp.: debt financing — MSD Investment Corp. completes $600M CLO securitization and declares $0.65 regular + $0.11 special dividend

MSD Investment Corp.

$600M CLO closed Nov 15, 2023: $336M Class A (SOFR+2.70%), $54M Class B (SOFR+3.65%), $36M Class C (SOFR+4.00%), $163.6M Preferred (no interest). Company retained all Class C and Preferred.
Notes mature Oct 15, 2035; backed by senior secured and second lien loans. Collateral management fees waived while company holds Preferred Shares.
Regular $0.65/share and special $0.11/share dividends declared; payable Dec 28, 2023 to record Dec 15, 2023.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

MSD Investment Corp. incurred debt of $600 million with U.S. Bank Trust Company, National Association, as trustee at SOFR plus an applicable margin of 2.70% maturing October 15, 2035.

Principal: $600 million
Counterparty: U.S. Bank Trust Company, National Association, as trustee
Rate: SOFR plus an applicable margin of 2.70%
Maturity: October 15, 2035
Event: incurrence

Exact text from the filing

The notes offered in the 2023 Debt Securitization (the “ Notes ”) were issued by MSD BDC CLO I, LLC (the “ Issuer ”), a wholly-owned, consolidated subsidiary of the Company pursuant to an Indenture, dated the Closing Date, between the Issuer and U.S. Bank Trust Company, National Association, as trustee (the " Indenture "). The 2023 Notes consist of $336 million of Class A Notes, which bear interest at a rate per annum equal to the secured overnight financing rate (" SOFR ") in effect, plus an applicable margin of 2.70%; $54 million of Class B Notes, which bear interest at SOFR plus an applicable margin of 3.65%; $36 million of Class C Notes, which bear interest at SOFR plus an applicable margin of 4.00%; and approximately $163.6 million of Preferred Shares, which do not bear interest.

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Source: SEC EDGAR

accession 0000950170-23-065578

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