By Cristal Cody
Tupelo, Miss., March 21 - TPG Global, LLC priced $479 million of notes due April 26, 2026 in its first collateralized loan obligation deal, according to an informed source on Friday.
TICP CLO I, Ltd./TICP CLO I, LLC sold $283.5 million of class A-1 senior secured floating-rate notes (Aaa//) at Libor plus 160 basis points, $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 and $15 million of 4.397% class A-2c senior secured fixed-rate notes at the top of the capital structure.
The CLO also priced $27.25 million of class B senior secured deferrable floating-rate notes at Libor plus 300 bps; $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.
Citigroup Global Markets Inc. arranged the offering.
TICP CLO I Management, LLC, a unit of TPG Institutional Credit Partners, will manage the CLO.
The notes are non-callable until April 25, 2016. The reinvestment period ends April 26, 2018.
The CLO is backed by at least 90% of first-lien senior secured corporate loans and eligible investments.
TPG is a Fort Worth, Texas-based private equity firm.
| Issuer: | TICP CLO I, Ltd./TICP CLO I, LLC
|
| Amount: | $479 million
|
| Maturity: | April 26, 2026
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | TICP CLO I Management, LLC
|
| Call feature: | April 25, 2016
|
| Pricing date: | March 12
|
| Settlement date: | April 1
|
|
|
| Class A-1 notes
|
| Amount: | $283.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Ratings: | Moody's: Aaa
|
|
|
| Class A-2a notes
|
| Amount: | $10 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 230 bps
|
| Ratings: | Non-rated
|
|
|
| Class A-2b notes
|
| Amount: | $40.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Ratings: | Non-rated
|
|
|
| Class A-2c notes
|
| Amount: | $15 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 4.397%
|
| Ratings: | Non-rated
|
|
|
| Class B notes
|
| Amount: | $27.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Ratings: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 330 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $22 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 450 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $10.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 515 bps
|
| Ratings: | Non-rated
|
|
|
| Equity tranche
|
| Amount: | $45 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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