By Cristal Cody
Eureka Springs, Ark., Oct. 5 – THL Credit Advisors LLC priced $514.33 million of notes due Jan. 15, 2026 in a reset of a vintage 2012 broadly syndicated collateralized loan obligation transaction, according to a market source.
THL Credit Wind River 2012-1 CLO Ltd./THL Credit Wind River 2012-1 LLC sold $316.3 million of class A-R floating-rate notes (Aaa expected/AAA/) at Libor plus 145 basis points; $60.2 million of class B-R floating-rate notes (Aa2 expected/AA/) at Libor plus 185 bps; $30.1 million of class C-R floating-rate notes (/A/) at Libor plus 265 bps; $30.1 million of class D-R floating-rate notes (/BBB/) at Libor plus 410 bps and $24.5 million of class E-R floating-rate notes (/BB/) at Libor plus 738 bps.
The deal included two tranches of $10.63 million class A subordinated notes and $42.5 million of class B subordinated notes.
MUFG was the refinancing underwriter.
The maturity on the original notes due Jan. 15, 2024 was extended on the refinanced tranches.
In the original deal, $303 million of class A notes priced at Libor plus 140 bps; $56 million of class B-1 notes priced at Libor plus 210 bps and a $10 million fixed-rate class B-2 tranche priced with a 3.31% coupon. The $34.5 million of class C-1 notes priced at Libor plus 305 bps and the original $5 million of class C-2 notes priced with a 4.31% coupon. The original $26 million of class D notes priced at Libor plus 500 bps and the $26 million tranche of class E notes priced at Libor plus 525 bps.
Proceeds from the refinancing transaction will be used to redeem the original notes on Oct. 17.
THL Credit Advisors also has priced two new CLO deals year to date.
The CLO manager brought two new CLO transactions to market in 2015.
The alternative credit investment firm is based in Boston.
| Issuer: | THL Credit Wind River 2012-1 CLO Ltd./THL Credit Wind River 2012-1 LLC
|
| Amount: | $514.33 million refinancing
|
| Maturity: | Jan. 15, 2026
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | MUFG
|
| Manager: | THL Credit Advisors LLC
|
| Pricing date: | Sept. 28
|
| Settlement date: | Oct. 17
|
|
|
| Class A-R notes
|
| Amount: | $316.3 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Ratings: | Moody’s: Aaa expected
|
| S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $60.2 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Ratings: | Moody’s: Aa2 expected
|
| S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $30.1 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 265 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $30.1 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 410 bps
|
| Rating: | S&P: BBB
|
|
|
| Class E-R notes
|
| Amount: | $24.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 738 bps
|
| Rating: | S&P: BB
|
|
|
| Equity
|
| Amount: | $10.63 million
|
| Securities: | Class A notes
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $42.5 million
|
| Securities: | Class B notes
|
| Ratings: | Non-rated
|
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