By Cristal Cody
Tupelo, Miss., April 6 – TICP CLO I Management, LLC sold $376.5 million of global secured floating-rate notes due April 27, 2026 in a refinancing of the vintage 2014 TICP CLO I, Ltd./TICP CLO I, LLC transaction, according to a notice of revised proposed supplemental indenture on Wednesday.
The CLO priced $283.5 million of class A-1-R senior secured floating-rate notes at Libor plus 118 basis points; $10 million of class A-2a-R senior secured floating-rate notes at Libor plus 160 bps; $40.75 million of class A-2b-R senior secured floating-rate notes at Libor plus 160 bps; $15 million of 3.5398% class A-2c-R senior secured fixed-rate notes and $27.25 million of class B-R senior secured deferrable floating-rate notes at Libor plus 220 bps.
TICP replaced one floating-rate tranche with fixed-rate notes in the deal.
In the original transaction priced on March 12, 2014, TICP CLO I sold $283.5 million of class A-1 senior secured floating-rate notes at Libor plus 160 bps, $10 million of class A-2a senior secured floating-rate notes at Libor plus 230 bps, $40.75 million of class A-2b senior secured floating-rate notes at Libor plus 190 bps, $15 million of 4.397% class A-2c senior secured fixed-rate notes and priced $27.25 million of class B senior secured deferrable floating-rate notes at Libor plus 300 bps.
That transaction also included $25 million of class C senior secured deferrable floating-rate notes at Libor plus 330 bps; $22 million of class D senior secured deferrable floating-rate notes at Libor plus 450 bps; $10.5 million of class E senior secured deferrable floating-rate notes at Libor plus 515 bps and $45 million of subordinated notes.
Proceeds from the refinancing will be used on April 26 to redeem the original class A-1, A-2a, A-2b, A-2c and B notes.
TICP CLO I Management is a Fort Worth, Texas-based affiliate of TPG Institutional Credit Partners, LLC.
| Issuer: | TICP CLO I, Ltd./TICP CLO I, LLC
|
| Amount: | $376.5 million refinancing
|
| Maturity: | April 27, 2026
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| Securities: | Fixed- and floating-rate notes
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| Structure: | Cash flow CLO
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| Manager: | TICP CLO I Management, LLC
|
| Pricing date: | April 5
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| Settlement date: | April 26
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-1-R notes
|
| Amount: | $283.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 118 bps
|
| Ratings: | Moody’s: Aaa expected
|
| S&P: AAA
|
|
|
| Class A-2a-R notes
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| Amount: | $10 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | S&P: AA
|
|
|
| Class A-2b-R notes
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| Amount: | $40.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | S&P: AA
|
|
|
| Class A-2c-R notes
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| Amount: | $15 million
|
| Securities: | Senior secured fixed-rate notes
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| Coupon: | 3.5398%
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| Rating: | S&P: AA
|
|
|
| Class B-R notes
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| Amount: | $27.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 220 bps
|
| Rating: | S&P: A
|
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