Chicago, Sept. 23 – THL Credit Advisors LLC priced $508.3 million of notes due Jan. 15, 2033 in a new collateralized loan obligation transaction, according to a market source.
The THL Credit Wind River 2019-2 CLO Ltd./THL Credit Wind River 2019-2 LLC deal includes $273.7 million of class A-1a floating-rate notes (AAA/AAA) at Libor plus 132 basis points, $36.3 million of class A-1b 2.89% fixed-rate notes (AAA/AAA), $15 million of class A-2 floating-rate notes (//AAA) at Libor plus 165 bps, $50 million of class B-1 floating-rate notes at Libor plus 175 bps, $5 million of class B-2 3.36% fixed-rate notes, $30 million of class C floating-rate notes at Libor plus 265 bps, $30 million of class D floating-rate notes at Libor plus 395 bps, $20 million of class E floating-rate notes at Libor plus 725 bps and $48.3 million of subordinated notes.
Morgan Stanley & Co. LLC is the placement agent.
The CLO has a two-year non-call period and a five-year reinvestment period.
The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.
The offering is expected to close on Nov. 5.
THL has priced two new broadly syndicated CLOs and two middle-market CLOs year to date.
The alternative credit investment firm is based in Boston.
| Issuer: | THL Credit Wind River 2019-2 CLO Ltd./THL Credit Wind River 2019-2 LLC
|
| Amount: | $508.3 million
|
| Maturity: | Jan. 15, 2033
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | THL Credit Advisors LLC
|
| Pricing date: | Sept. 23
|
| Settlement date: | Nov. 5
|
|
|
| Class A-1a notes
|
| Amount: | $273.7 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 132 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-1b notes
|
| Amount: | $36.3 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.89%
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $15 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $50 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Ratings: | Non-rated
|
|
|
| Class B-2 notes
|
| Amount: | $5 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.36%
|
| Ratings: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 265 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $30 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 395 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $20 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 725 bps
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $48.3 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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