TICC Capital raises $80 million under accordion feature of 2012 CLO

By Cristal Cody

Tupelo, Miss., May 23 - TICC Capital Corp. sold $80 million in additional issuance under the accordion feature of its collateralized loan obligation priced in 2012, according to an 8-K filing with the Securities and Exchange Commission.

The firm sold $60 million of additional secured notes and $20 million of subordinated notes on Tuesday as an add-on to the $160 million CLO offering of notes due Aug. 25, 2023 that closed on Aug. 23, 2012.

Pricing terms were not immediately available.

In the original deal, TICC CLO 2012-1, LLC priced $88 million of class A-1 senior secured floating-rate notes (Aaa/AAA/) at Libor plus 175 basis points, $10 million of class B-1 senior secured floating-rate notes (Aa2/AA/) at Libor plus 350 bps; $11.5 million of class C-1 secured deferrable floating-rate notes (A2/A/) at Libor plus 475 bps; $10.5 million of class D-1 secured deferrable floating-rate notes (Baa2/BBB/) at Libor plus 575 bps; and $40 million of subordinated notes.

TICC Capital, a Greenwich, Conn.-based business development company, is the CLO manager.

The transaction is set to close on May 28.

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