By Cristal Cody
Tupelo, Miss., Sept. 30 - H.I.G. Capital, LLC sold $408.9 million in the WhiteHorse VII Ltd./WhiteHorse VII LLC collateralized loan obligation offering, according to a market source on Monday.
WhiteHorse VII priced tranches of notes due Sept. 15, 2025 that included $238.8 million of class A-1L senior secured floating-rate notes (/AAA/AAA) at Libor plus 140 basis points.
The CLO also priced $52.4 million of class A-2L senior secured floating-rate notes (/AA/AA) at Libor plus 200 bps and $31.2 million of class A-3L deferrable floating-rate notes (/A/A) at Libor plus 300 bps.
The rest of the structure included $20 million of class B-1L deferrable floating-rate notes (/BBB/); $20.8 million of class B-2L deferrable floating-rate notes (/BB-/); $8.8 million of class B-3L deferrable floating-rate notes (/B/) and $36.9 million of subordinated notes. Additional pricing details were not immediately available.
RBS Securities Inc. was the placement agent.
The CLO, backed by broadly syndicated senior secured corporate loans, has a two-year non-callable period and a four-year reinvestment period.
H.I.G. WhiteHorse Capital, the credit affiliate of equity firm H.I.G. Capital, will manage the CLO.
The firm plans to use the proceeds to purchase a $400 million portfolio of primarily leveraged loans.
| Issuer: | WhiteHorse VII Ltd./WhiteHorse VII LLC
|
| Amount: | $408.9 million
|
| Maturity: | Sept. 15, 2025
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash-flow CLO
|
| Placement agent: | RBS Securities Inc.
|
| Manager: | H.I.G. Capital, LLC
|
| Call feature: | 2015
|
| Settlement date: | October
|
| Distribution: | Rule 144A
|
|
|
| Class A-1L notes
|
| Amount: | $238.8 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Ratings: | Standard & Poor's: AAA
|
| Fitch: AAA
|
|
|
| Class A-2L notes
|
| Amount: | $52.4 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Ratings: | Standard & Poor's: AA
|
| Fitch: AA
|
|
|
| Class A-3L notes
|
| Amount: | $31.2 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Ratings: | Standard & Poor's: A
|
| Fitch: A
|
|
|
| Class B-1L notes
|
| Amount: | $20 million
|
| Securities: | Deferrable floating-rate notes
|
| Ratings: | Standard & Poor's: BBB
|
|
|
| Class B-2L notes
|
| Amount: | $20.8 million
|
| Securities: | Deferrable floating-rate notes
|
| Ratings: | Standard & Poor's: BB-
|
|
|
| Class B-3L notes
|
| Amount: | $8.8 million
|
| Securities: | Deferrable floating-rate notes
|
| Rating: | Standard & Poor's: B
|
|
|
| Equity tranche
|
| Amount: | $36.9 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.
