THL Credit Advisors brings $410.5 million middle-market CLO; middle-market supply light

By Cristal Cody

Tupelo, Miss., March 21 – Details emerged on THL Credit Advisors LLC’s previously reported $410.5 million new middle-market CLO offering that the manager priced on the same day as a broadly syndicated CLO.

THL Credit Advisors sold six tranches of notes in the middle-market deal.

As previously reported, the CLO manager also priced $504.65 million of notes in its first broadly syndicated CLO offering of the year during the same session.

The middle-market CLO priced its AAA-rated tranche at Libor plus 170 basis points, while the broadly syndicated offering, THL Credit Wind River 2019-1 CLO Ltd./THL Credit Wind River 2019-1 LLC, placed its AAA-rated slice at Libor plus 133 bps.

About $20 billion of broadly syndicated CLOs have priced year to date, while less than $1 billion of middle-market CLOs have come to the primary market, sources report.

THL prices $410.5 million

THL Credit Advisors priced $410.5 million of notes due April 15, 2030 in the THL Credit Lake Shore MM CLO I Ltd. transaction, according to market sources.

The CLO sold $240 million of class A floating-rate notes at Libor plus 170 bps in the senior tranche.

Deutsche Bank Securities Inc. was the placement agent.

The deal is backed primarily by first-lien senior secured middle-market loans.

THL Credit Advisors has priced one new broadly syndicated CLO and one middle-market CLO year to date.

In 2018, THL priced three new broadly syndicated CLOs.

The alternative credit investment firm is based in Boston.

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