By Cristal Cody
Tupelo, Miss., May 25 – THL Credit Advisors LLC priced $348.25 million of notes due Jan. 22, 2027 in a refinancing of THL Credit Wind River 2014-3 CLO Ltd./THL Credit Wind River 2014-3 LLC transaction, according to a notice of revised proposed supplemental indenture on Thursday.
The CLO sold $253 million of class A-R senior secured floating-rate notes at Libor plus 110 basis points; $48.5 million of class B-R senior secured floating-rate notes at Libor plus 160 bps; $10.25 million of class C-1-R secured deferrable floating-rate notes at Libor plus 220 bps; $14 million of class C-2-R secured deferrable floating-rate notes at Libor plus 220 bps and $22.5 million of class D-R secured deferrable floating-rate notes at Libor plus 335 bps.
Deutsche Bank Securities Inc. was the refinancing underwriter.
THL Credit Advisors will manage the CLO.
In the original $408.68 million transaction priced on Dec. 14, 2014, the CLO sold $253 million of class A floating-rate notes at Libor plus 162 bps; $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; $14 million of class C-2 deferrable fixed/floating-rate notes at Libor plus 325 bps, which were fixed at 4% for the first eight periods; $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.
Proceeds from the offering will be used to redeem the original class A, B, C-1, C-2 and D notes on June 6.
The CLO is backed primarily by broadly syndicated first-lien senior secured corporate loans.
THL Credit Advisors has priced two new CLOs and refinanced one vintage CLO year to date.
The CLO manager priced two new CLOs and one refinanced CLO in 2016.
The alternative credit investment firm is based in Boston.
| Issuer: | THL Credit Wind River 2014-3 CLO Ltd./THL Credit Wind River 2014-3 CLO LLC
|
| Amount: | $348.25 million refinancing
|
| Maturity: | Jan. 22, 2027
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Deutsche Bank Securities Inc.
|
| Manager: | THL Credit Advisors LLC
|
| Announcement date: | May 25
|
| Settlement date: | June 6
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-R notes
|
| Amount: | $253 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 110 bps
|
| Ratings: | Moody’s: Aaa expected
|
| S&P: AAA
|
|
|
| Class B-R notes
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| Amount: | $48.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class C-1-R notes
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| Amount: | $10.25 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 220 bps
|
| Rating: | Moody’s: A2 expected
|
|
|
| Class C-2-R notes
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| Amount: | $14 million
|
| Securities: | Secured deferrable floating-rate notes
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| Coupon: | Libor plus 220 bps
|
| Rating: | Moody’s: A2 expected
|
|
|
| Class D-R notes
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| Amount: | $22.5 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 335 bps
|
| Rating: | Moody’s: Baa3 expected
|
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