By Cristal Cody
Tupelo, Miss., Nov. 8 - THL Credit, Inc. sold $447.11 million of notes due Jan. 18, 2026 in a previously announced collateralized loan obligation offering, according to market sources.
THL Credit Wind River 2013-2 CLO Ltd./THL Credit Wind River 2013-2 CLO LLC priced $93,735,000 of class A-1 senior secured floating-rate notes (Aaa/AAA/) at Libor plus 145 basis points; $147.5 million of class A-2a senior secured floating-rate notes (Aaa/AAA/) at Libor plus 144 bps; $7,765,000 of class A-2b senior secured floating-rate notes (Aaa/AAA/) at Libor plus 164 bps and $20 million of 3.38% class A-3 senior secured fixed-rate notes (Aaa/AAA/) at the top of the structure.
The CLO also sold $25.85 million of class B-1 senior secured floating-rate notes (/AA/) at Libor plus 185 bps; $33.57 million of 4.09% class B-2 senior secured fixed-rate notes (/AA/); $30.25 million of class C secured deferrable floating-rate notes (/A/) at Libor plus 305 bps; $21.34 million of class D secured deferrable floating-rate notes (/BBB/) at Libor plus 360 bps; $18.64 million of class E secured deferrable floating-rate notes (/BB/) at Libor plus 475 bps; $6.48 million of class F secured deferrable floating-rate notes (/B/) at Libor plus 525 bps; $3 million of class M secured deferrable floating-rate notes (/B/) and $41.97 million of subordinated notes.
Deutsche Bank Securities, Inc. was the underwriter.
The CLO is backed by a revolving pool of broadly syndicated senior secured loans and managed by THL Credit Advisors LLC, the credit affiliate of private equity firm Thomas H. Lee Partners, LP.
The notes have a non-call period that ends in January 2016 and a reinvestment period that ends in January 2018.
The deal is expected to close on Nov. 14.
Boston-based THL Credit was last in the primary market in April when it sold the $467.1 million THL Credit Wind River 2013-1 CLO Ltd./THL Credit Wind River 2013-1 CLO LLC offering.
| Issuer: | THL Credit Wind River 2013-2 CLO Ltd./THL Credit Wind River 2013-2 CLO LLC
|
| Amount: | $447.11 million
|
| Maturity: | Jan. 18, 2026
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Deutsche Bank Securities, Inc.
|
| Manager: | THL Credit Senior Loan Strategies LLC
|
| Call feature: | January 2016
|
| Settlement date: | Nov. 14
|
|
|
| Class A-1 notes
|
| Amount: | $93,735,000
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
|
|
| Class A-2a notes
|
| Amount: | $147.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 144 bps
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
|
|
| Class A-2b notes
|
| Amount: | $7,765,000
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 164 bps
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
|
|
| Class A-3 notes
|
| Amount: | $20 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.38%
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $25.85 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Rating: | Standard & Poor's: AA
|
|
|
| Class B-2 notes
|
| Amount: | $33.57 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 4.09%
|
| Rating: | Standard & Poor's: AA
|
|
|
| Class C notes
|
| Amount: | $30.25 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 305 bps
|
| Rating: | Standard & Poor's: A
|
|
|
| Class D notes
|
| Amount: | $21.34 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 360 bps
|
| Rating: | Standard & Poor's: BBB
|
|
|
| Class E notes
|
| Amount: | $18.4 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 475 bps
|
| Rating: | Standard & Poor's: BB
|
|
|
| Class F notes
|
| Amount: | $6.48 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 525 bps
|
| Rating: | Standard & Poor's: B
|
|
|
| Class M notes
|
| Amount: | $3 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Ratings: | Non-rated
|
|
|
| Equity tranche
|
| Amount: | $41.97 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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