MCF CLO IX Ltd. Debt Assigned Preliminary Ratings In Connection With Proposed Refinancing

We reviewed MCF CLO IX Ltd./MCF CLO IX LLC, which, based on its proposed supplemental indenture, is expected to refinance its original class A-1-R, A-2-R, B-R, C-R, D-R, and E notes and original class A-1-R loans on March 28, 2024, through an optional redemption and replacement note issuance. After analyzing the changes to the transaction, we assigned our preliminary ratings to the replacement class A-1-RR, B-RR, C-RR, D-RR, and E-R notes and the replacement class A-L-RR and B-L loans. The original debt is expected to be fully redeemed with the proceeds from the replacement debt on the refinancing date. The preliminary ratings reflect our view of the credit support available to the refinanced debt after examining the new capital structure

...- We reviewed MCF CLO IX Ltd./MCF CLO IX LLC, which, based on its proposed supplemental indenture, is expected to refinance its original class A-1-R, A-2-R, B-R, C-R, D-R, and E notes and original class A-1-R loans on March 28, 2024, through an optional redemption and replacement note issuance. - After analyzing the changes to the transaction, we assigned our preliminary ratings to the replacement class A-1-RR, B-RR, C-RR, D-RR, and E-R notes and the replacement class A-L-RR and B-L loans. The original debt is expected to be fully redeemed with the proceeds from the replacement debt on the refinancing date. - The preliminary ratings reflect our view of the credit support available to the refinanced debt after examining the new capital structure and payment mechanics. NEW YORK (S&P Global Ratings) March 26, 2024--S&P Global Ratings today assigned its preliminary ratings to the replacement class A-1-RR, B-RR, C-RR, D-RR, and E-R notes and the replacement class A-L-RR and B-L loans from MCF...

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