By Cristal Cody
Tupelo, Miss., Nov. 10 – THL Credit Senior Loan Strategies LLC priced $400.25 million of notes due Oct. 15, 2027 in a refinancing of the THL Credit Wind River 2015-2 CLO Ltd./THL Credit Wind River 2015-2 LLC transaction, according to a market source and a notice of executed supplemental indenture.
The CLO sold $230.4 million of class A-1-R senior secured floating-rate notes at Libor plus 87 basis points; $47.35 million of class A-2-R senior secured floating-rate notes at Libor plus 87 bps; $52.25 million of class B-R senior secured floating-rate notes at Libor plus 125 bps; $26.75 million of class C-R secured deferrable floating-rate notes at Libor plus 170 bps; $23 million of class D-R secured deferrable floating-rate notes at Libor plus 260 bps and $20.5 million of class E-R secured deferrable floating-rate notes at Libor plus 555 bps.
J.P. Morgan Securities LLC arranged the offering.
The original $455.56 million CLO was issued Oct. 15, 2015. The CLO sold $230.4 million of class A-1 floating-rate notes at Libor plus 155 bps; $47.35 million of 1.54% class A-2 fixed-rate notes; $52.25 million of class B senior secured floating-rate notes at Libor plus 225 bps; $26.75 million of class C floating-rate notes at Libor plus 315 bps; $23 million of class D floating-rate notes at Libor plus 385 bps; $20.5 million of class E floating-rate notes at Libor plus 570 bps; $8.5 million of class F floating-rate notes at Libor plus 780 bps and $46.81 million of subordinated notes.
Proceeds will be used to redeem the original notes.
The CLO is backed primarily by broadly syndicated first-lien senior secured corporate loans.
THL Credit Advisors has priced four new CLOs and refinanced six vintage CLOs year to date.
The Boston-based alternative credit investment firm priced two new CLOs and one refinanced CLO in 2016.
| Issuer: | THL Credit Wind River 2015-2 CLO Ltd./THL Credit Wind River 2015-2 LLC
|
| Amount: | $400.25 million refinancing
|
| Maturity: | Oct. 15, 2027
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | J.P. Morgan Securities LLC
|
| Manager: | THL Credit Senior Loan Strategies LLC
|
| Settlement date: | Oct. 24
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-1-R notes
|
| Amount: | $230.4 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 87 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2-R notes
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| Amount: | $47.35 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 87 bps
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| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-R notes
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| Amount: | $52.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 125 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C-R notes
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| Amount: | $26.75 million
|
| Securities: | Secured deferrable floating-rate notes
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| Coupon: | Libor plus 170 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D-R notes
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| Amount: | $23 million
|
| Securities: | Secured deferrable floating-rate notes
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| Coupon: | Libor plus 260 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E-R notes
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| Amount: | $20.5 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 555 bps
|
| Rating: | Moody’s: Ba3
|
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