By Cristal Cody
Tupelo, Miss., Nov. 3 – THL Credit Advisors LLC priced $611.6 million of notes due Nov. 20, 2030 in the new THL Credit Wind River 2017-4 CLO Ltd./THL Credit Wind River 2017-4 LLC transaction, according to a market source on Friday.
The CLO sold $3.6 million of class X senior secured floating-rate notes at Libor plus 60 basis points; $381 million of class A senior secured floating-rate notes at Libor plus 115 bps; $69 million of class B senior secured floating-rate notes at Libor plus 145 bps; $37.8 million of class C mezzanine secured deferrable floating-rate notes at Libor plus 175 bps; $37.2 million of class D mezzanine secured deferrable floating-rate notes at Libor plus 265 bps; $27 million of class E junior secured deferrable floating-rate notes at Libor plus 580 bps and $56 million of subordinated notes.
The deal was upsized from $510.5 million.
Morgan Stanley & Co. LLC 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.
Proceeds will be used to purchase a portfolio of about $600 million of mostly first-lien senior secured leveraged loans.
The CLO is backed primarily by broadly syndicated first-lien senior secured corporate loans.
THL Credit Advisors has priced four new CLOs and refinanced five vintage CLOs year to date.
The Boston-based alternative credit investment firm priced two new CLOs and one refinanced CLO in 2016.
| Issuer: | THL Credit Wind River 2017-4 CLO Ltd./THL Credit Wind River 2017-4 LLC
|
| Amount: | $611.6 million
|
| Maturity: | Nov. 20, 2030
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | THL Credit Advisors LLC
|
| Call feature: | Two years
|
| Settlement date: | Dec. 12
|
| Distribution: | Rule 144A
|
|
|
| Class X notes
|
| Amount: | $3.6 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 60 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A notes
|
| Amount: | $381 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 115 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B notes
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| Amount: | $69 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | $37.8 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $37.2 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 265 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $27 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 580 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $56 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
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