By Cristal Cody
Tupelo, Miss., May 24 – TPG Institutional Credit Partners, LLC affiliate TICP CLO XIII Management, LLC sold $456 million of notes due July 15, 2032 in the new TICP CLO XIII, Ltd./TICP CLO XIII, LLC collateralized loan obligation offering, according to market sources.
The CLO priced $288 million of class A floating-rate notes at Libor plus 130 basis points; $51.75 million of class B floating-rate notes at Libor plus 185 bps; $18.9 million of class C floating-rate notes at Libor plus 250 bps; $26.55 million of class D floating-rate notes at Libor plus 345 bps; $25.45 million of class E floating-rate notes at Libor plus 675 bps and $45.35 million of subordinated notes.
Goldman Sachs & Co. LLC was the placement agent.
TICP CLO XIII Management will manage the CLO.
The CLO has a one-year non-call period and a three-year reinvestment period.
The transaction is collateralized primarily by broadly syndicated first-lien senior secured loans.
TPG Institutional Credit Partners has priced one new CLO transaction year to date.
The investment management firm is based in Fort Worth, Tex.
| Issuer: | TICP CLO XIII, Ltd./TICP CLO XIII, LLC
|
| Amount: | $456 million
|
| Maturity: | July 15, 2032
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs & Co. LLC
|
| Manager: | TICP CLO XII Management, LLC
|
| Call feature: | One year
|
| Pricing date: | May 13
|
| Settlement date: | June 18
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A notes
|
| Amount: | $288 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 130 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $51.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Ratings: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $18.9 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 250 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $26.55 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 345 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $25.45 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 675 bps
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $45.35 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
