Chicago, March 2 – TCI Capital Management LLC is refinancing five classes of notes for $215.1 million from the TCI-Flatiron CLO 2018-1 Ltd./TCI-Flatiron CLO 2018-1 LLC collateralized loan obligation transaction, according to a news release.
The original transaction closed on Jan. 29, 2019. The notes continue to mature on Jan. 29, 2032.
The refinancing consists of $75 million of class AN-R senior secured floating-rate notes at Libor plus 106 basis points, $52.5 million of class B-R senior secured floating-rate notes at Libor plus 140 bps, $24.5 million of class C-R senior secured deferrable floating-rate notes at Libor plus 175 bps, $31.8 million of class D-R senior secured deferrable floating-rate notes at Libor plus 275 bps and $31.3 million of class E-R senior secured deferrable floating-rate notes at Libor plus 615 bps.
Collateral for the notes is primarily a portfolio of broadly syndicated senior secured corporate loans.
TCI Capital will continue to manage the CLO.
TCI Capital is a subsidiary of Saint Peter Port, Guernsey-based closed-ended investment company Tetragon Financial Group Ltd. and an affiliate of LCM Asset Management LLC.
| Issuer: | TCI-Flatiron CLO 2018-1 Ltd./TCI-Flatiron CLO 2018-1 LLC
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| Amount: | $215.1 million
|
| Maturity: | Jan. 29, 2032
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| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Manager: | TCI Capital Management LLC
|
| Announcement date: | March 2
|
|
|
| Class AN-R notes
|
| Amount: | $75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 106 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B-R notes
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| Amount: | $52.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class C-R notes
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| Amount: | $24.5 million
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| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Libor plus 175 bps
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| Rating: | Moody's: A2
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|
|
| Class D-R notes
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| Amount: | $31.8 million
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| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Libor plus 275 bps
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| Rating: | Moody's: Baa3
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|
|
| Class E-R notes
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| Amount: | $31.3 million
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| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Libor plus 615 bps
|
| Rating: | Moody's: Ba3
|
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