First Eagle Credit to issue up to $10 million more subordinated notes in 2016-2 CLO

By Cristal Cody

Tupelo, Miss., April 15 – First Eagle Alternative Credit, LLC plans to issue up to $10 million of additional subordinated notes due Nov. 3, 2031 in the vintage THL Credit Wind River 2016-2 CLO Ltd./THL Credit Wind River 2016-2 LLC deal, according to a market source and market notice on Tuesday.

In the original $655.5 million transaction issued Nov. 1, 2016, the CLO sold $57.5 million of subordinated notes in addition to the secured notes.

The CLO was first refinanced on Nov. 29, 2018.

First Eagle Alternative Credit will manage the CLO, which previously was issued by THL Credit Advisors LLC. THL was acquired by First Eagle in January.

Proceeds will be treated as principal and used to purchase additional collateral obligations, invest in eligible investments or to apply to priority of payments.

Settlement is expected on April 21.

The CLO is backed primarily by broadly syndicated first-lien senior secured corporate loans.

Boston-based First Eagle is an alternative credit management firm.

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