THL Credit Advisors to price $416.3 million reset of THL Credit Wind River 2013-1 CLO

By Cristal Cody

Tupelo, Miss., June 29 – THL Credit Advisors LLC plans to issue $416.3 million of notes in a refinancing and reset of the THL Credit Wind River 2013-1 CLO Ltd./THL Credit Wind River 2013-1 LLC transaction, according to market sources and a notice of proposed second supplemental indenture on Wednesday.

The CLO will sell $289.3 million of class A-1R senior secured floating-rate notes (Aaa/AAA/); $52 million of class A-2-R senior secured floating-rate notes (/AA/); $29.4 million of class B-R senior secured deferrable floating-rate notes (/A/); $24.8 million of class C-R senior secured deferrable floating-rate notes (/BBB/); $20.2 million of class D-R senior secured deferrable floating-rate notes (/BB/) and an additional $600,000 of subordinated notes.

Barclays is the refinancing underwriter for the Rule 144A and Regulation S offering.

THL Credit Senior Loan Strategies LLC will manage the CLO.

The maturity on the new notes will be extended to July 20, 2030 from the original April 20, 2025 maturity.

In addition, the refinanced CLO will have a two-year non-call period and a five-year reinvestment period.

In the original $467.1 million transaction issued on April 17, 2013, the CLO sold $277 million of class A-1 senior secured floating-rate notes at Libor plus 115 basis points; $29.3 million of class A-2A senior secured floating-rate notes at Libor plus 190 bps; $22 million of 3.45% class A-2B senior secured fixed-rate notes; $38.9 million of class B senior secured deferrable floating-rate notes at Libor plus 280 bps; $25.2 million of class C senior secured deferrable floating-rate notes at Libor plus 340 bps; $23.8 million of class D senior secured deferrable floating-rate notes at Libor plus 460 bps and $50.9 million of subordinated notes.

Proceeds from the offering will be used to redeem all of the original floating-rate and fixed-rate notes on July 20.

The $50.9 million of original subordinated notes, which includes $10.18 million of subordinated A notes and $40.72 million of subordinated B notes, will remain outstanding.

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 Boston-based alternative credit investment firm priced two new CLOs and one refinanced CLO in 2016.

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