By Cristal Cody
Tupelo, Miss., July 22 – TPG Global, LLC sold $513.5 million of notes due 2026 in a collateralized loan obligation deal, according to a market source.
TICP CLO II, Ltd./TICP CLO II, LLC priced $255 million of class A-1A floating-rate notes at Libor plus 145 basis points.
The CLO sold $65.3 million of 3.53% class A-1B fixed-rate notes; $43 million of class A-2A floating-rate notes at Libor plus 205 bps; $18.1 million of 4.32% class A-2B fixed-rate notes; $25.4 million of class B floating-rate notes at Libor plus 300 bps; $26.4 million of class C floating-rate notes at Libor plus 330 bps; $28 million of class D floating-rate notes at Libor plus 475 bps and $4.8 million of class E floating-rate notes at Libor plus 525 bps.
The deal included $47.5 million of subordinated notes in the equity tranche.
Citigroup Global Markets Inc. was the placement agent.
TICP CLO II Management, LLC, a unit of TPG Institutional Credit Partners, LLC, will manage the CLO.
The CLO has a two-year non-call period and a four-year reinvestment period.
The offering is backed by a portfolio that is 99% first-lien senior secured corporate loans.
Proceeds from the deal will be used to purchase a portfolio of about $515 million of primarily senior secured leveraged loans.
The offering is TPG’s second CLO transaction. The Fort Worth, Texas-based private equity firm priced the $479 million TICP CLO I, Ltd./TICP CLO I, LLC deal in March.
| Issuer: | TICP CLO II, Ltd./TICP CLO II, LLC
|
| Amount: | $513.5 million
|
| Maturity: | 2026
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | TICP CLO II Management, LLC
|
| Call feature: | 2016
|
| Pricing date: | July 17
|
| Distribution: | Rule 144A
|
|
|
| Class A-1A notes
|
| Amount: | $255 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Ratings: | Moody’s: Aaa (expected)
|
| Fitch: AAA
|
|
|
| Class A-1B notes
|
| Amount: | $65.3 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.53%
|
| Ratings: | Moody’s: Aaa (expected)
|
| Fitch: AAA
|
|
|
| Class A-2A notes
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| Amount: | $43 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Rating: | Moody’s: Aa2 (expected)
|
|
|
| Class A-2B notes
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| Amount: | $18.1 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 4.32%
|
| Rating: | Moody’s: Aa2 (expected)
|
|
|
| Class B notes
|
| Amount: | $25.4 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Rating: | Moody’s: A2 (expected)
|
|
|
| Class C notes
|
| Amount: | $26.4 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 330 bps
|
| Rating: | Moody’s: Baa3 (expected)
|
|
|
| Class D notes
|
| Amount: | $28 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 475 bps
|
| Rating: | Moody’s: Ba3 (expected)
|
|
|
| Class E notes
|
| Amount: | $4.8 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 525 bps
|
| Rating: | Moody’s: B3 (expected)
|
|
|
| Equity tranche
|
| Amount: | $47.5 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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