By Cristal Cody
Tupelo, Miss., June 5 – TPG Institutional Credit Partners, LLC affiliate TICP CLO VI 2016-2 Management, LLC sold $317 million of notes due Jan. 15, 2029 in a refinancing of the TICP CLO VI 2016-2, Ltd./TICP CLO VI 2016-2, LLC collateralized loan obligation offering, according to a notice of proposed supplemental indenture on Tuesday.
The CLO priced $1 million of class X senior secured floating-rate notes at Libor plus 50 basis points; $248 million of class A senior secured floating-rate notes at Libor plus 120 bps; $26 million of class C mezzanine secured deferrable floating-rate notes at Libor plus 230 bps; $22 million of class D mezzanine secured deferrable floating-rate notes at Libor plus 330 bps and $20 million of class E junior secured deferrable floating-rate notes at Libor plus 640 bps.
BNP Paribas Securities Corp. was the refinancing placement agent.
TICP CLO VI 2016-2 Management will continue to manage the CLO.
The CLO has a reinvestment period that ends in January 2021.
The original $411 million CLO was issued Dec. 2, 2016. In that offering, the CLO priced $248 million of class A senior secured floating-rate notes at Libor plus 155 bps; $52 million of class B senior secured floating-rate notes at Libor plus 206 bps; $26 million of class C mezzanine secured deferrable floating-rate notes at Libor plus 280 bps; $22 million of class D mezzanine secured deferrable floating-rate notes at Libor plus 420 bps; $20 million of class E junior secured deferrable floating-rate notes at Libor plus 655 bps and $43 million of subordinated notes.
Proceeds will be used to redeem the outstanding notes on June 20.
The transaction is collateralized primarily by broadly syndicated first-lien senior secured loans.
TPG Institutional Credit Partners has priced one new CLO transaction and refinanced one vintage CLO year to date.
The investment management firm is based in Fort Worth, Tex.
| Issuer: | TICP CLO VI 2016-2, Ltd./TICP CLO VI 2016-2, LLC
|
| Amount: | $317 million refinancing
|
| Maturity: | Jan. 15, 2029
|
| Securities: | Floating-rate notes
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| Structure: | Cash flow CLO
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| Refinancing agent: | BNP Paribas Securities Corp.
|
| Manager: | TICP CLO VI 2016-2 Management, LLC
|
| Settlement date: | June 20
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class X notes
|
| Amount: | $1 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 50 bps
|
| Ratings: | Moody’s: None expected
|
| Fitch: AAA expected
|
|
|
| Class A notes
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| Amount: | $248 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 120 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
|
|
| Class C notes
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| Amount: | $26 million
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| Securities: | Mezzanine secured deferrable floating-rate notes
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| Coupon: | Libor plus 230 bps
|
| Rating: | Moody’s: A2 expected
|
|
|
| Class D notes
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| Amount: | $22 million
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| Securities: | Mezzanine secured deferrable floating-rate notes
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| Coupon: | Libor plus 330 bps
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| Rating: | Moody’s: Baa3 expected
|
|
|
| Class E notes
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| Amount: | $20 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 640 bps
|
| Rating: | Moody’s: Ba3 expected
|
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