THL to price $510.5 million new CLO; Invesco refinances $435 million 2015 CLO notes

By Cristal Cody

Tupelo, Miss., Oct. 27 – THL Credit Advisors LLC joined the deal pipeline with a $510.5 million CLO, the firm’s third new offering of the year.

The CLO manager’s last new issuance was the $613 million THL Credit Wind River 2017-3 CLO Ltd./THL Credit Wind River 2017-3 LLC deal on Sept. 13.

In refinancing action, Invesco Senior Secured Management, Inc. refinanced $435 million of notes from a 2015 CLO.

New CLO issuance totals almost $90 billion year to date, while CLO refinancing volume is near $140 billion, according to a BofA Merrill Lynch note.

In its deal, THL Credit Advisors plans to price $510.5 million of notes due November 2030 in the new THL Credit Wind River 2017-4 CLO Ltd./THL Credit Wind River 2017-4 LLC transaction, according to a market source.

The deal includes $3 million of class X senior secured floating-rate notes; $317.5 million of class A senior secured floating-rate notes; $57.5 million of class B senior secured floating-rate notes; $31.5 million of class C mezzanine secured deferrable floating-rate notes; $31 million of class D mezzanine secured deferrable floating-rate notes; $22.5 million of class E junior secured deferrable floating-rate notes and $47.5 million of subordinated notes.

Morgan Stanley & Co. LLC is the placement agent.

The Boston-based alternative credit investment firm priced two new CLOs and one refinanced CLO in 2016.

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