Chicago, Feb. 16 – First Eagle Alternative Credit EU LLC refinanced for $509.3 million the collateralized loan obligation issued by Wind River 2019-2 CLO Ltd./Wind River 2019-2 CLO LLC, according to a pre-sale report.
The notes will mature on Jan. 15, 2035.
The refinanced CLO consists of $1 million of class X-R senior secured floating-rate notes at SOFR plus 65 basis points, $320 million of class A-1R senior secured floating-rate notes at SOFR plus 135 bps, $60 million of class B-R senior secured floating-rate notes at SOFR plus 195 bps, $30 million of class C-R senior secured deferrable floating-rate notes at SOFR plus 225 bps, $30 million of class D-R senior secured deferrable floating-rate notes at SOFR plus 330 bps, $20 million of class E-R senior secured deferrable floating-rate notes at SOFR plus 700 bps and $48.3 million of subordinated notes.
The original deal included $273.7 million of class A-1a floating-rate notes (AAA/AAA) at Libor plus 132 bps, $36.3 million of class A-1b 2.89% fixed-rate notes (AAA/AAA), $15 million of class A-2 floating-rate notes (//AAA) at Libor plus 165 bps, $50 million of class B-1 floating-rate notes at Libor plus 175 bps, $5 million of class B-2 3.36% fixed-rate notes, $30 million of class C floating-rate notes at Libor plus 265 bps, $30 million of class D floating-rate notes at Libor plus 395 bps, $20 million of class E floating-rate notes at Libor plus 725 bps and $48.3 million of subordinated notes.
First Eagle Alternative Credit EU LLC will manage the collateral through the end of the reinvestment period on Jan. 15, 2027.
The notes are backed by collateral consisting of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Jan. 15, 2024.
BofA Securities Inc. was the placement agent.
The notes were originally issued by THL Credit Advisors LLC. First Eagle acquired THL in February 2020. The CLO issuer was originally THL Credit Wind River 2019-2 CLO Ltd./THL Credit Wind River 2019-2 LLC.
First Eagle is an investment firm based out of New York.
| Issuer: | Wind River 2019-2 CLO Ltd./Wind River 2019-2 CLO LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $509.3 million
|
| Maturity: | Jan. 15, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Securities Inc.
|
| Manager: | First Eagle Alternative Credit EU LLC
|
| Call feature: | Jan. 15, 2024
|
| Settlement date: | Feb. 18
|
|
|
| Class X-R notes
|
| Amount: | $1 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 65 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1R notes
|
| Amount: | $320 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 135 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $60 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 195 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
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| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 225 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
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| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 330 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
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| Amount: | $20 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 700 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $48.3 million
|
| Securities: | Subordinated notes
|
|
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