By Cristal Cody
Tupelo, Miss., May 29 - TICC Capital Corp. raised $80 million in the previously reported reopening of collateralized loan obligation notes due Aug. 25, 2023 in a private placement, according to an 8-K filing with the Securities and Exchange Commission.
Subsidiary TICC CLO 2012-1 LLC priced $44 million of the class A-1 senior secured floating-rate notes (Aaa/AAA/) at Libor plus 175 basis points; $5 million of class B-1 senior secured floating-rate notes (Aa2/AA/) at Libor plus 350 bps; $5.75 million of class C-1 secured deferrable floating-rate notes (A2/A/) at Libor plus 475 bps; and $5.25 million of class D-1 secured deferrable floating-rate notes (Baa2/BBB/) at Libor plus 575 bps.
TICC Capital purchased the $20 million offering of subordinated notes, which are not rated and do not bear interest.
Guggenheim Securities, LLC was the underwriter.
Greenwich, Conn.-based TICC Capital is the manager of the CLO, which is backed by a diversified portfolio of bank loans.
The notes have a non-callable period until August 2014.
The firm first sold $160 million in the CLO in an offering that closed on Aug. 23, 2012 and priced another $80 million in an add-on completed on Feb. 25.
Total issuance is $320 million.
In the initial offering, TICC sold $88 million of the class A-1 notes at Libor plus 175 bps, $10 million of the class B-1 notes at Libor plus 350 bps; $11.5 million of the class C-1 notes at Libor plus 475 bps; $10.5 million of the class D-1 notes at Libor plus 575 bps; and $40 million of subordinated notes.
TICC plans to use the proceeds to purchase additional collateral obligations, to invest in eligible investments or to apply to payments in the indenture.
| Issuer: | TICC CLO 2012-1 LLC
|
| Amount: | $80 million reopening
|
| Maturity: | Aug. 25, 2023
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash-flow CLO
|
| Placement agent: | Guggenheim Securities, LLC
|
| Manager: | TICC Capital Corp.
|
| Call feature: | August 2014
|
| Settlement date: | May 28
|
| Distribution: | Private placement
|
| Total issuance: | $320 million
|
|
|
| Class A-1 notes
|
| Amount: | $44 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 350 bps
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA
|
|
|
| Class C-1 notes
|
| Amount: | $5.75 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 475 bps
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
|
|
| Class D-1 notes
|
| Amount: | $5.25 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 575 bps
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
|
|
| Equity tranche
|
| Amount: | $20 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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