By Cristal Cody
Tupelo, Miss., Nov. 26 – TCW Group, Inc. priced $413.06 million of notes due Jan. 15, 2027 in the Figueroa CLO 2014-1, Ltd./Figueroa CLO 2014-1, LLC transaction, according to a market source.
The CLO sold $256 million of class A floating-rate notes at Libor plus 155 basis points at 99.433; $40 million of class B floating-rate notes at Libor plus 230 bps at 97.49; $26 million of class C deferrable floating-rate notes at Libor plus 300 bps at 95.558; $23.5 million of class D deferrable floating-rate notes at Libor plus 390 bps at 94.558; $8 million of class F floating-rate notes at Libor plus 650 bps 87.479 and $37.06 million of subordinated notes.
Wells Fargo Securities LLC was the placement agent.
TCW Asset Management Co., a subsidiary of TCW Group, will manage the CLO.
The non-call period on the CLO ends Nov. 25, 2016. The reinvestment period is scheduled to end Jan. 15, 2019.
The CLO is backed by a revolving pool of broadly syndicated senior secured loans.
TCW Group was last in the primary market in 2013 with two CLO offerings.
The investment management firm is based in Los Angeles.
| Issuer: | Figueroa CLO 2014-1, Ltd./Figueroa CLO 2014-1, LLC
|
| Amount: | $413.06 million
|
| Maturity: | Jan. 15, 2027
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Wells Fargo Securities LLC
|
| Manager: | TCW Asset Management Co.
|
| Call feature: | Nov. 25, 2016
|
| Pricing date: | Nov. 19
|
| Settlement date: | Dec. 10
|
|
|
| Class A notes
|
| Amount: | $256 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Price: | 99.433
|
| Ratings: | Moody’s: Aaa expected
|
| Standard & Poor’s: AAA
|
|
|
| Class B notes
|
| Amount: | $40 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 230 bps
|
| Price: | 97.49
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class C notes
|
| Amount: | $26 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Price: | 95.558
|
| Rating: | Moody’s: A2 expected
|
|
|
| Class D notes
|
| Amount: | $23.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 390 bps
|
| Price: | 94.558
|
| Rating: | Moody’s: Baa3 expected
|
|
|
| Class E notes
|
| Amount: | $22.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 570 bps
|
| Price: | 91.627
|
| Rating: | Moody’s: Ba3 expected
|
|
|
| Class F notes
|
| Amount: | $8 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 650 bps
|
| Price: | 87.479
|
| Ratings: | Moody’s: Non-rated
|
| Standard & Poor’s: B
|
|
|
| Equity tranche
|
| Amount: | $37.06 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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