Teachers Advisors to price $455.5 million in debut TIAA CLO I offering

By Cristal Cody

Eureka Springs, Ark., June 3 – Teachers Advisors Inc. plans to price $455,545,000 of notes due July 20, 2028 in a debut collateralized loan obligation deal, according to a market source on Friday.

The TIAA CLO I Ltd./TIAA CLO I LLC transaction includes $292.5 million of class A floating-rate notes (/AAA/); $47.25 million of class B floating-rate notes (/AA/); $31.5 million of class C deferrable floating-rate notes (/A/); $22.5 million of class D deferrable floating-rate notes (/BBB/); $10 million of class E-1 deferrable floating-rate notes (/BB-/); $10.25 million of class E-2 deferrable floating-rate notes (/BB-/) and $41,545,000 of subordinated notes.

Wells Fargo Securities, LLC is the placement agent.

Teachers Advisors will manage the CLO.

The CLO has a non-call period that ends July 20, 2018 and a reinvestment period scheduled to end July 20, 2020.

The deal is backed primarily by broadly syndicated senior secured loans.

Teachers Advisors is an affiliate of New York-based TIAA Global Asset Management, which is part of the Teachers Insurance and Annuity Association of America.

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