By Cristal Cody
Tupelo, Miss., Dec. 23 - The TCW Group, Inc. said on Monday that it closed on its second CLO transaction of 2013.
The firm sold $400 million of notes due Dec. 18, 2025 in six tranches in the Figueroa CLO 2013-2, Ltd./Figueroa CLO 2013-2, LLC deal, according to a market source.
The CLO priced $245 million of class A-1 senior secured floating-rate notes (Aaa/AAA/) at Libor plus 145 basis points; $48 million of class A-2 senior secured floating-rate notes (/AA/) at Libor plus 195 bps; $25.5 million of class B senior secured deferrable floating-rate notes (/A/) at Libor plus 280 bps; $20.5 million of class C senior secured deferrable floating-rate notes (/BBB/) at Libor plus 375 bps; $18 million of class D secured deferrable floating-rate notes (/BB/) at Libor plus 500 bps and $43 million of subordinated notes.
Natixis Securities Americas LLC was the placement agent and structuring agent.
The deal is backed by a revolving pool of broadly syndicated senior secured leveraged loans.
TCW Asset Management Co., a subsidiary of TCW Group, is the manager.
The firm said the transaction is managed jointly by Jerry Cudzil, TCW's head of U.S. credit trading, and Jamie Farnham, TCW's director of credit research.
The CLO has a two-year non-call period and a four-year reinvestment period.
The firm also priced $400 million of notes in the Figueroa CLO 2013-1, Ltd./Figueroa CLO 2013-1, LLC transaction, which closed in March.
Los Angeles-based TCW manages about $85 billion in fixed income assets, which includes more than $6.5 billion in leveraged finance.
| Issuer: | Figueroa CLO 2013-2, Ltd./Figueroa CLO 2013-2, LLC
|
| Amount: | $400 million
|
| Maturity: | Dec. 18, 2025
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Natixis Securities Americas LLC
|
| Manager: | TCW Asset Management Co.
|
| Call feature: | December 2015
|
| Settlement date: | Dec. 18
|
|
|
| Class A-1
|
| Amount: | $245 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
|
|
| Class A-2
|
| Amount: | $48 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 195 bps
|
| Rating: | Standard & Poor's: AA
|
|
|
| Class B
|
| Amount: | $25.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 280 bps
|
| Rating: | Standard & Poor's: A
|
|
|
| Class C
|
| Amount: | $20.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 375 bps
|
| Rating: | Standard & Poor's: BBB
|
|
|
| Class D
|
| Amount: | $18 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 500 bps
|
| Rating: | Standard & Poor's: BB
|
|
|
| Equity tranche
|
| Amount: | $43 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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