By Rebecca Melvin
New York, Jan. 3 – Teachers Advisors LLC, a subsidiary of TIAA Global Asset Management, priced $458.1 million of notes in a broadly syndicated collateralized loan obligation offering, according to a market source.
TIAA CLO VI Ltd./TIAA CLO VI LLC priced $261 million of class A-1a senior secured floating-rate notes at Libor plus 123 basis points; $28 million of class A-1b senior secured floating-rate notes at Libor plus 145 bps; $53 million of class A-2 senior secured fixed-rate notes at Libor plus 179 bps; $26.5 million of class B senior secured deferrable floating-rate notes at Libor plus 215 bps; $26.5 million of class C senior secured deferrable floating-rate notes at Libor plus 305 bps; $15 million of class D secured deferrable floating-rate notes at Libor plus 595 bps and $48.1 million of subordinated notes.
Citigroup Global Markets Inc. was the initial purchaser of the notes.
This is Teachers Advisors’ fourth CLO, which will bring its total CLO assets under management to $1.8 billion.
Teachers Advisors, an indirect subsidiary of TIAA Global Asset Management, is based in New York City.
| Issuer: | TIAA CLO VI Ltd./TIAA CLO VI LLC
|
| Amount: | $458.1 million
|
| Maturity: | Jan. 20, 2032
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Initial purchaser: | Citigroup Global Markets Inc.
|
| Manager: | Teachers Advisors LLC
|
| Call feature: | Jan. 20, 2021
|
| Settlement date: | Dec. 20
|
|
|
| Class A-1a notes
|
| Amount: | $261 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 123 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1b notes
|
| Amount: | $28 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Rating: | S&P: Not rated
|
|
|
| Class A-2 notes
|
| Amount: | $53 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | S&P: AA
|
|
|
| Class B notes
|
| Amount: | $26.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 215 bps
|
| Rating: | S&P: A
|
|
|
| Class C notes
|
| Amount: | $26.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 305 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $15 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 595 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $48.1 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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