By Cristal Cody
Tupelo, Miss., Aug. 10 – The TCW Group priced and closed on a new $408.6 million CLO transaction, according to a market source and a company news release on Thursday.
The TCW CLO 2017-1, Ltd. deal included six tranches of notes due July 29, 2029.
The $256 million of class A senior secured floating-rate notes priced with a discount margin of Libor plus 128 basis points, the $48 million of class B senior secured floating-rate notes priced with a discount margin of Libor plus 186 bps and the $26 million of class C senior secured deferrable floating-rate notes were sold at a discount margin of Libor plus 250 bps.
TCW CLO sold the $20 million of class D senior secured deferrable floating-rate notes at a discount margin of Libor plus 400 bps and the $18 million of class E secured deferrable floating-rate notes at a discount margin of Libor plus 715 bps.
The deal also included $40.6 million of subordinated notes.
Jefferies LLC arranged the transaction.
TCW Asset Management Co. LLC will manage the CLO.
The CLO has a two-year non-call period and a four-year reinvestment period.
The deal is backed primarily by broadly syndicated first-lien senior secured loans.
TCW Group said it also reset the Figueroa 2013-2, Ltd. transaction via Jefferies in June.
The global asset management company is based in Los Angeles.
| Issuer: | TCW CLO 2017-1, Ltd.
|
| Amount: | $408.6 million
|
| Maturity: | July 29, 2029
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Middle-market CLO
|
| Placement agent: | Jefferies LLC
|
| Manager: | TCW Asset Management Co. LLC
|
| Call feature: | Two years
|
| Pricing date: | July 10
|
| Settlement date: | Aug. 8
|
|
|
| Class A notes
|
| Amount: | $256 million
|
| Securities: | Senior secured floating-rate notes
|
| Discount margin: | Libor plus 128 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $48 million
|
| Securities: | Senior secured floating-rate notes
|
| Discount margin: | Libor plus 186 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $26 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Discount margin: | Libor plus 250 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $20 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Discount margin: | Libor plus 400 bps
|
| Rating: | S&P: BBB
|
|
|
| Class E notes
|
| Amount: | $18 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Discount margin: | Libor plus 715 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $40.6 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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