H.I.G. Capital readies to price $414.25 million WhiteHorse IX CLO

By Cristal Cody

Tupelo, Miss., June 24 – H.I.G. Capital, LLC plans to offer $414.25 million of notes due 2026 in a new collateralized loan obligation transaction, according to a market source.

The WhiteHorse IX Ltd./WhiteHorse IX LLC deal includes $252 million of class A floating-rate notes (//AAA); $32.5 million of class B-1 floating-rate notes; $20 million of class B-2 fixed-rate notes; $22.75 million of class C floating-rate notes; $24.25 million of class D floating-rate notes; $19.5 million of class E floating-rate notes; $8.25 million of class F floating-rate notes and $35 million of subordinated notes.

BofA Merrill Lynch is the placement agent.

H.I.G. WhiteHorse Capital, the credit affiliate arm of H.I.G. Capital, will manage the CLO.

Collateral consists primarily of broadly syndicated first-lien senior secured loans.

The CLO will have a two-year non-call period and a four-year reinvestment period.

Proceeds from the offering will be used to purchase a $400 million portfolio of mostly leveraged loans.

H.I.G. Capital was in the primary market on April 16 with the $574.75 million WhiteHorse VIII Ltd./WhiteHorse VIII LLC deal.

The Miami-based private equity investment firm priced the $408.9 million WhiteHorse VII Ltd./WhiteHorse VII LLC transaction in 2013.

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