THL Credit prices $508.4 million new CLO; secondary market action light to begin week

By Cristal Cody

Tupelo, Miss., Nov. 6 – THL Credit Advisors LLC priced $508.4 million of notes in the CLO manager’s third new CLO transaction of the year.

More than $100 billion of new issue CLOs have priced year to date, according to market sources.

Meanwhile, securitized secondary trading volume was light at the start of the week and included $54.59 million of high-grade CBO/CDO/CLO issues and $55.54 million of lower-rated securities, according to Trace data.

The high-grade securities traded with an average price of 99.70, while the non-investment-grade issues had an average trading price of 98.50.

In the same period a week ago, $197.38 million of high-grade CBO/CDO/CLO issues and $100.12 million of lower-rated securities traded.

The high-grade CBO/CDO/CLO securities traded in the Oct. 29 session with an average price of 99.70, while the non-investment-grade issues had an average trading price of 98.20.

In its deal, THL Credit Advisors priced $508.4 million of notes due Jan. 20, 2031 in the THL Credit Wind River 2018-3 CLO Ltd./THL Credit Wind River 2018-3 LLC transaction, according to a market source.

The CLO sold $299.5 million of class A-1 floating-rate notes (AAA/AAA) at Libor plus 115 bps at the top of the capital structure.

Citigroup Global Markets Inc. was the placement agent.

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