TPG Global preps $527.33 million TICP CLO II offering of notes

By Cristal Cody

Tupelo, Miss., July 14 – TPG Global, LLC plans to bring a $527.33 million collateralized loan obligation deal, according to a market source.

The TICP CLO II, Ltd./TICP CLO II, LLC offering includes $282 million of class A-1A floating-rate notes (//AAA); $48 million of class A-1B fixed-rate notes (//AAA); $46 million of class A-2A floating-rate notes; $17 million of class A-2B fixed-rate notes; $26 million of class B floating-rate notes; $27.2 million of class C floating-rate notes; $28.8 million of class D floating-rate notes; $5 million of class E floating-rate notes and $47.33 million of subordinated notes.

Citigroup Global Markets Inc. is 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 notes are due in 2026.

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.

TPG, a Fort Worth, Texas-based private equity firm, priced its first CLO transaction, the $479 million TICP CLO I, Ltd./TICP CLO I, LLC deal, on March 12.

© 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.