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
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.