Triumph brings $416 million Trinitas CLO II; H.I.G. Capital preps deal; pipeline steady

By Cristal Cody

Tupelo, Miss., June 24 – Triumph Capital Advisors, LLC returned to the primary market with a $416,125,000 collateralized loan obligation deal, according to details from a market source on Tuesday.

The firm priced the class A-1 AAA notes at Libor plus 127 basis points and the class A-2 AAA tranche at Libor plus 160 bps.

The deal brings issuance over the month to about $11 billion, a source said.

Less than $12 billion of CLO transactions remain in the deal pipeline, including an upcoming $414.25 million offering from H.I.G. Capital, LLC, according to market sources.

Triumph prices $416 million

Triumph Capital Advisors priced $416,125,000 of notes due 2026 in the Trinitas CLO II Ltd./Trinitas CLO II LLC deal, according to a market source.

The CLO priced $3,625,000 of class X floating-rate notes (/AAA/) at Libor plus 100 bps, $165.75 million of class A-1 floating-rate notes (Aaa/AAA/) at Libor plus 127 bps and $83 million of class A-2 floating-rate notes (Aaa/AAA/) at Libor plus 160 bps.

The CLO sold $42.75 million of class B-1 floating-rate notes (/AA/) at Libor plus 179 bps; $21 million of class B-2 floating-rate notes (/AA/) at Libor plus 230 bps; $22 million of class C deferrable floating-rate notes (/A/) at Libor plus 281 bps; $20.25 million of class D deferrable floating-rate notes (/BBB/) at Libor plus 380 bps; $17.5 million of class E deferrable floating-rate notes (/BB/) at Libor plus 475 bps and $5.75 million of class F deferrable floating-rate notes (/B/) at Libor plus 535 bps.

The deal included $34.5 million of subordinated notes in the equity tranche.

Nomura Securities International Inc. was the placement agent.

Triumph Capital Advisors will manage the CLO, which is backed primary by broadly syndicated senior secured loans.

The subsidiary of Dallas-based Triumph Bancorp, Inc. was in the primary market last on March 31 with the $400 million Trinitas CLO I, Ltd. transaction.

H.I.G. Capital to price

H.I.G. Capital plans to offer $414.25 million of notes due 2026 in the WhiteHorse IX Ltd./WhiteHorse IX LLC CLO transaction, according to a market source.

The 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 of H.I.G. Capital, will manage the CLO.

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

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

H.I.G. Capital was last 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 brought one CLO transaction in 2013.

© 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.