By Cristal Cody
Tupelo, Miss., Feb. 26 - TICC Capital Corp. raised $80 million in a reopening of its collateralized loan obligation sold by TICC CLO 2012-1 LLC through a private placement, according to an 8-K filing with the Securities an Exchange Commission.
The offering included $44 million of 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.
The notes are due Aug. 25, 2023.
TICC Capital purchased all of the $20 million of additional subordinated notes that do not bear interest and are unrated.
Guggenheim Securities, LLC was the placement agent.
TICC Capital is the manager.
Proceeds will be used to purchase additional collateral obligations, to invest in eligible investments or to apply to the priority of payments.
The offering is collateralized by broadly syndicated first-lien senior secured corporate loans with a 25% bucket for small and medium enterprise loans.
The company originally priced $120 million of the notes in an offering that closed on Aug. 23, 2012. The total outstanding is $180 million.
TICC CLO 2012-1 LLC is a subsidiary of Greenwich, Conn.-based business development debt capital company TICC Capital.
| Issuer: | TICC Capital Corp./TICC CLO 2012-1 LLC
|
| Amount: | $80 million reopening
|
| Maturity: | Aug. 25, 2023
|
| Securities: | Floating-rate notes
|
| Structure: | Cash-flow CLO
|
| Placement agent: Guggenheim Securities, LLC
|
| Manager: | TICC Capital Corp.
|
| Call feature: | Non-callable
|
| Settlement date: | Feb. 25
|
| Total outstanding: | $180 million
|
| Distribution: | Private placement
|
|
|
| Class A-1
|
| Amount: | $44 million
|
| Securities: | Class A-1 senior secured floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
|
|
| Class B-1
|
| Amount: | $5 million
|
| Securities: | Class B-1 senior secured floating-rate notes
|
| Coupon: | Libor plus 350 bps
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA
|
|
|
| Class C-1
|
| Amount: | $5.75 million
|
| Securities: | Class C-1 secured deferrable floating-rate notes
|
| Coupon: | Libor plus 475 bps
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
|
|
| Class D-1
|
| Amount: | $5.25 million
|
| Securities: | Class D-1 secured deferrable floating-rate notes
|
| Coupon: | Libor plus 575 bps
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
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