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THL Credit prices $613 million CLO in firm’s third new deal of year; secondary volume rises
By Cristal Cody
Tupelo, Miss., Sept. 13 – THL Credit Advisors LLC tapped the CLO primary market with its third new transaction of the year, according to details released on Wednesday.
The CLO manager priced $613 million of notes in the transaction.
“We continue to be delighted with the performance of our CLO business," Chris Flynn, co-chief executive officer of THL Credit, said in a release. “2017 has been our strongest year in terms of issuance and demonstrative of THL Credit’s deep expertise and relationships in this space.”
Morgan Stanley & Co. LLC has been the placement agent for all three new offerings.
More than $62 billion of new CLOs have priced year to date, according to market sources.
Securitized secondary volume rose on Tuesday with $182.34 million of high-grade issues and $176.7 million of non-investment-grade CBO/CDO/CLO securities traded, according to Trace.
On Monday, $30.24 million of high-grade CBO/CDO/CLO issues and $75 million of non-investment-grade securities traded.
THL prices 2017-3 CLO
THL Credit Advisors priced $613 million of notes due Oct. 15, 2030 in the new THL Credit Wind River 2017-3 CLO Ltd./THL Credit Wind River 2017-3 LLC transaction, according to market sources and a company press release on Wednesday.
The CLO sold $384 million of class A senior secured floating-rate notes at Libor plus 125 basis points in the senior tranche.
Morgan Stanley was the placement agent.
THL Credit Advisors will manage the CLO, which has a two-year non-call period and a five-year reinvestment period.
THL Credit Advisors has priced three new CLOs and refinanced three vintage CLOs year to date.
The company has closed on 13 CLOs totaling $7.1 billion since December 2012.
The Boston-based alternative credit investment firm priced two new CLOs and one refinanced CLO in 2016.
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