By Cristal Cody
Tupelo, Miss., Aug. 8 – THL Credit Advisors LLC priced $642.85 of notes due Oct. 15, 2026 in the THL Credit Wind River 2014-2 CLO Ltd./THL Credit Wind River 2014-2 LLC deal, a market source said.
The CLO sold $140 million of class A-1 floating-rate notes at Libor plus 151 basis points, $200 million of class A floating-rate loans at Libor plus 151 bps and $50 million of class A-2 floating-rate notes at Libor plus 115 bps, which steps up to Libor plus 190 bps after October 2016.
The CLO also priced $62 million of class B-1 floating-rate notes at Libor plus 210 bps, $10 million of class B-2 floating-rate notes at Libor plus 220 bps, $28.5 million of class C-1 floating-rate notes at Libor plus 305 bps, $20 million of class C-2 floating-rate notes at Libor plus 320 bps, $30.5 million of class D floating-rate notes at Libor plus 390 bps, $31 million of class E floating-rate notes at Libor plus 525 bps and $10.7 million of class F floating-rate notes at Libor plus 610 bps.
The deal included $60.15 million of subordinated notes in the equity tranche.
GreensLedge Capital Markets LLC arranged the offering.
THL Credit Advisors will manage the CLO.
The CLO has a two-year non-call period and a four-year reinvestment period.
Collateral consists primarily of broadly syndicated senior secured loans to corporate borrowers.
The proceeds will be used to repay parties that provided interim financing in order for the issuer to purchase collateral prior to the closing date and to purchase assets to reach a target portfolio of about $620 million of leveraged loans.
THL Credit Advisors was last in the primary market on April 2 with the $620.4 million THL Credit Wind River 2014-1 CLO Ltd./THL Credit Wind River 2014-1 CLO LLC deal.
The Boston-based firm brought two CLO transactions in 2013.
| Issuer: | THL Credit Wind River 2014-2 CLO Ltd./THL Credit Wind River 2014-2 LLC
|
| Amount: | $642.85 million
|
| Maturity: | Oct. 15, 2026
|
| Securities: | Floating-rate notes, floating-rate loans and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | GreensLedge Capital Markets LLC
|
| Manager: | THL Credit Advisors LLC
|
| Call feature: | 2016
|
| Pricing date: | Aug. 7
|
| Distribution: | Rule 144A
|
|
|
| Class A-1 notes
|
| Amount: | $140 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 151 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A loans
|
| Amount: | $200 million
|
| Securities: | Floating-rate loans
|
| Coupon: | Libor plus 151 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $50 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 115 bps
|
| Step-up: | Libor plus 190 bps after October 2016
|
| Rating: | Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $62 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Rating: | Non-rated
|
|
|
| Class B-2 notes
|
| Amount: | $10 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 220 bps
|
| Rating: | Non-rated
|
|
|
| Class C-1 notes
|
| Amount: | $28.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 305 bps
|
| Rating: | Non-rated
|
|
|
| Class C-2 notes
|
| Amount: | $20 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 320 bps
|
| Rating: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $30.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 390 bps
|
| Rating: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $31 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 525 bps
|
| Rating: | Non-rated
|
|
|
| Class F notes
|
| Amount: | $10.7 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 610 bps
|
| Rating: | Non-rated
|
|
|
| Equity tranche
|
| Amount: | $60.15 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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