By Cristal Cody
Tupelo, Miss., Dec. 19 – THL Credit Advisors LLC priced $408.68 million of notes due Jan. 22, 2027 in the THL Credit Wind River 2014-3 CLO Ltd./THL Credit Wind River 2014-3 LLC collateralized loan obligation transaction, according to a market source.
THL Credit Wind River 2014-3 CLO priced $253 million of class A floating-rate notes at Libor plus 162 basis points, $48.5 million of class B floating-rate loans at Libor plus 243 bps, $10.25 million of class C-1 deferrable floating-rate notes at Libor plus 325 bps and $14 million of class C-2 deferrable fixed/floating-rate notes at Libor plus 325 bps, which are fixed at 4% for the first eight periods.
The CLO also priced $22.5 million of class D deferrable floating-rate notes at Libor plus 405 bps, $18.5 million of class E deferrable floating-rate notes at Libor plus 560 bps, $5 million of class F deferrable floating-rate notes at Libor plus 665 bps and $36.93 million of subordinated notes.
Deutsche Bank Securities Inc. arranged the offering.
THL Credit Advisors will manage the CLO, which is collateralized primarily by broadly syndicated senior secured loans.
The CLO is non-callable until Jan. 22, 2016. The reinvestment period ends Jan. 22, 2019.
THL Credit Advisors has priced three CLO transactions over the year, including the $642.85 million THL Credit Wind River 2014-2 CLO Ltd./THL Credit Wind River 2014-2 LLC deal on Aug. 7 and the $620.4 million THL Credit Wind River 2014-1 CLO Ltd./THL Credit Wind River 2014-1 CLO LLC offering on April 2.
The Boston-based firm brought two CLO transactions in 2013.
| Issuer: | THL Credit Wind River 2014-3 CLO Ltd./THL Credit Wind River 2014-3 LLC
|
| Amount: | $408.68 million
|
| Maturity: | Jan. 22, 2027
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Deutsche Bank Securities Inc.
|
| Manager: | THL Credit Advisors LLC
|
| Call feature: | Jan. 22, 2016
|
| Pricing date: | Dec. 18
|
| Settlement date: | Jan. 29
|
|
|
| Class A notes
|
| Amount: | $253 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 162 bps
|
| Rating: | Standard & Poor’s: AAA
|
|
|
| Class B notes
|
| Amount: | $48.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 243 bps
|
| Ratings: | Non-rated
|
|
|
| Class C-1 notes
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| Amount: | $10.25 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 325 bps
|
| Ratings: | Non-rated
|
|
|
| Class C-2 notes
|
| Amount: | $14 million
|
| Securities: | Deferrable fixed/floating-rate notes
|
| Coupon: | 4% for first eight periods, then at Libor plus 325 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $22.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 405 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $18.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 560 bps
|
| Ratings: | Non-rated
|
|
|
| Class F notes
|
| Amount: | $5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 665 bps
|
| Ratings: | Non-rated
|
|
|
| Equity tranche
|
| Amount: | $36.93 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
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