TPG reprices 2016 CLO notes; CLO refinancing volume totals about $15 billion for year

By Cristal Cody

Tupelo, Miss., June 5 – TPG Institutional Credit Partners, LLC affiliate TICP CLO VI 2016-2 Management, LLC priced $317 million of notes in a refinancing of a vintage 2016 CLO deal.

The offering is the manager’s first refinancing transaction this year.

About $15 billion of vintage CLOs have been refinanced year to date, according to market sources.

TPG refinances CLO

TICP CLO VI 2016-2 Management 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 CLO offering, according to a notice of proposed supplemental indenture on Tuesday.

The CLO priced $248 million of the class A senior secured floating-rate notes at Libor plus 120 basis points.

BNP Paribas Securities Corp. was the refinancing placement agent.

The original $411 million CLO was issued Dec. 2, 2016. In that offering, the CLO priced $248 million of the class A senior secured floating-rate notes at Libor plus 155 bps.

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 this year.

The investment management firm is based in Fort Worth, Tex.

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