By Cristal Cody
Tupelo, Miss., April 29 – The TCW Group priced $285 million of notes due April 20, 2028 in a static broadly syndicated collateralized loan obligation offering, according to market sources.
TCW CLO 2020-1, Ltd./TCW CLO 2020-1 LLC sold $142 million of class A-1 floating-rate notes at Libor plus 230 basis points and $20 million of 2.698% class A-F fixed-rate notes.
TCW CLO also priced $37.5 million of class B floating-rate notes at Libor plus 360 bps, $17.5 million of class C floating-rate notes at Libor plus 430 bps, $15 million of class D floating-rate notes at Libor plus 450 bps and $53 million of subordinated notes.
Jefferies LLC was the placement agent.
TCW Group subsidiary TCW Asset Management Co. LLC is the collateral manager.
The static CLO has a six-month non-call period.
TCW CLO 2020-1 is backed primarily by broadly syndicated first-lien senior secured loans.
The global asset management company is based in Los Angeles.
| Issuer: | TCW CLO 2020-1, Ltd./TCW CLO 2020-1 LLC
|
| Amount: | $285 million
|
| Maturity: | April 20, 2028
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Jefferies LLC
|
| Manager: | TCW Asset Management Co. LLC
|
| Call feature: | Six months
|
| Pricing date: | April 22
|
| Settlement date: | April 30
|
|
|
| Class A-1 notes
|
| Amount: | $142 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 230 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-F notes
|
| Amount: | $20 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.698%
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $37.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 360 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $17.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 430 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $15 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 450 bps
|
| Rating: | S&P: BBB-
|
|
|
| Equity
|
| Amount: | $53 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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