By Cristal Cody
Tupelo, Miss., Oct. 18 – THL Credit Senior Loan Strategies LLC priced $400.25 million of notes due Oct. 15, 2027 in a refinancing of the vintage 2015 THL Credit Wind River 2015-2 CLO Ltd./THL Credit Wind River 2015-2 LLC transaction, according to a notice of revised proposed supplemental indenture on Tuesday.
The CLO sold $230.4 million of class A-1-R senior secured floating-rate notes at Libor plus 87 basis points; $47.35 million of class A-2-R senior secured floating-rate notes at Libor plus 87 bps; $52.25 million of class B-R senior secured floating-rate notes at Libor plus 125 bps; $26.75 million of class C-R secured deferrable floating-rate notes at Libor plus 170 bps; $23 million of class D-R secured deferrable floating-rate notes at Libor plus 260 bps and $20.5 million of class E-R secured deferrable floating-rate notes at Libor plus 555 bps.
J.P. Morgan Securities LLC was the refinancing placement agent.
THL Credit Senior Loan Strategies will continue to manage the CLO.
The deal was originally issued on Oct. 15, 2015. The $455.56 million CLO sold $230.4 million of class A-1 floating-rate notes at Libor plus 155 bps; $47.35 million of 1.54% class A-2 fixed-rate notes; $52.25 million of class B senior secured floating-rate notes at Libor plus 225 bps; $26.75 million of class C floating-rate notes at Libor plus 315 bps; $23 million of class D floating-rate notes at Libor plus 385 bps; $20.5 million of class E floating-rate notes at Libor plus 570 bps; $8.5 million of class F floating-rate notes at Libor plus 780 bps and $46.81 million of subordinated notes.
Proceeds will be used to redeem the original class A, B, C, D and E notes.
THL Credit Advisors has priced three new CLOs and refinanced four vintage CLOs year to date.
The CLO manager is part of Boston-based alternative credit investment firm THL Credit Advisors LLC, which priced two new CLOs and one refinanced CLO in 2016.
| Issuer: | THL Credit Wind River 2015-2 CLO Ltd./THL Credit Wind River 2015-2 LLC
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| Amount: | $400.25 million refinancing
|
| Maturity: | Oct. 15, 2027
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| Securities: | Floating-rate notes
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| Structure: | Cash flow CLO
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| Refinancing agent: | J.P. Morgan Securities LLC
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| Manager: | THL Credit Senior Loan Strategies LLC
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| Settlement date: | Oct. 24
|
| Distribution: | Rule 144A, Regulation S
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|
|
| Class A-1-R notes
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| Amount: | $230.4 million
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| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 87 bps
|
| Ratings: | Moody’s: Aaa expected
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| Fitch: AAA expected
|
|
|
| Class A-2-R notes
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| Amount: | $47.35 million
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| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 87 bps
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| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
|
|
| Class B-R notes
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| Amount: | $52.25 million
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| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 125 bps
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| Rating: | Moody’s: Aa2 expected
|
|
|
| Class C-R notes
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| Amount: | $26.75 million
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| Securities: | Secured deferrable floating-rate notes
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| Coupon: | Libor plus 170 bps
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| Rating: | Moody’s: A2 expected
|
|
|
| Class D-R notes
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| Amount: | $23 million
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| Securities: | Secured deferrable floating-rate notes
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| Coupon: | Libor plus 260 bps
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| Rating: | Moody’s: Baa3 expected
|
|
|
| Class E-R notes
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| Amount: | $20.5 million
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| Securities: | Secured deferrable floating-rate notes
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| Coupon: | Libor plus 555 bps
|
| Rating: | Moody’s: Ba3 expected
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