By Cristal Cody
Tupelo, Miss., Oct. 19 – THL Credit Senior Loan Strategies LLC priced $523.2 million of notes due Oct. 18, 2030 in a refinancing and reset of the vintage THL Credit Wind River 2013-2 CLO Ltd./THL Credit Wind River 2013-2 LLC transaction, according to a market source and a notice of executed second supplemental indenture on Wednesday.
The CLO sold $320 million of class A-R senior secured floating-rate notes at Libor plus 123 basis points; $53.75 million of class B-R senior secured floating-rate notes at Libor plus 160 bps; $38.75 million of class C-R secured deferrable floating-rate notes at Libor plus 200 bps; $27.5 million of class D-R secured deferrable floating-rate notes at Libor plus 295 bps; $15 million of class E-1-R secured deferrable floating-rate notes at Libor plus 675 bps; $5 million of class E-2-R secured deferrable floating-rate notes at Libor plus 760 bps and $63.2 million of subordinated notes.
BNP Paribas Securities Corp. was the refinancing placement agent.
THL Credit Senior Loan Strategies will continue to manage the CLO.
The maturity on the notes was extended to Oct. 18, 2030 from the original Jan. 18, 2026 maturity.
The reset CLO has a two-year non-call period and a five-year reinvestment period.
In the original deal issued on Nov. 14, 2013, the $447.11 million CLO sold $93,735,000 of class A-1 senior secured floating-rate notes at Libor plus 145 bps; $147.5 million of class A-2a senior secured floating-rate notes at Libor plus 144 bps; $7,765,000 of class A-2b senior secured floating-rate notes at Libor plus 164 bps and $20 million of 3.38% class A-3 senior secured fixed-rate notes the top of the structure.
The 2013 CLO also sold $25.85 million of class B-1 senior secured floating-rate notes at Libor plus 185 bps; $33.57 million of 4.09% class B-2 senior secured fixed-rate notes; $30.25 million of class C secured deferrable floating-rate notes at Libor plus 305 bps; $21.34 million of class D secured deferrable floating-rate notes at Libor plus 360 bps; $18.64 million of class E secured deferrable floating-rate notes at Libor plus 475 bps; $6.48 million of class F secured deferrable floating-rate notes at Libor plus 525 bps; $3 million of class M secured deferrable floating-rate notes and $41.97 million of subordinated notes.
Proceeds were used to redeem the original notes.
THL Credit Advisors has priced three new CLOs and refinanced five 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 2013-2 CLO Ltd./THL Credit Wind River 2013-2 LLC
|
| Amount: | $523.2 million refinancing
|
| Maturity: | Oct. 18, 2030
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | BNP Paribas Securities Corp.
|
| Manager: | THL Credit Senior Loan Strategies LLC
|
| Call feature: | Two years
|
| Settlement date: | Oct. 18
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-R notes
|
| Amount: | $320 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 123 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $53.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $38.75 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $27.5 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 295 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-1-R notes
|
| Amount: | $15 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 675 bps
|
| Rating: | S&P: BB-
|
|
|
| Class E-2-R notes
|
| Amount: | $5 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 760 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $63.2 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
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