Chicago, Feb. 19 – TPG Institutional Credit Partners, LLC affiliate TICP CLO VI 2016-2 Management, LLC conducted a second refinancing of the TICP CLO VI 2016-2, Ltd./TICP CLO VI 2016-2, LLC collateralized loan obligation offering for $417 million, according to a report.
The refinancing with a Jan. 15, 2034 maturity includes $4.5 million of class X-R floating-rate notes at Libor plus 60 bps (from 50 bps) and $240 million of class A-R2 floating-rate notes at Libor plus 112 bps (from 120 bps).
Also included are $60 million of class B-R2 floating-rate notes at Libor plus 150 bps, $26 million of class C-R2 deferrable floating-rate notes at Libor plus 190 bps (from 230 bps), $24 million of class D-R2 deferrable floating-rate notes at Libor plus 290 bps (from 330 bps), $16 million of class E-R2 deferrable floating-rate notes at Libor plus 625 bps (from 640 bps) and $46.5 million of subordinated notes.
Merrill Lynch, Pierce, Fenner & Smith Inc. is the initial purchaser.
The non-call period ends Jan. 15, 2023.
TICP CLO VI will manage the portfolio through the Jan. 15, 2026 reinvestment period end date.
The broadly syndicated CLO is primarily collateralized by senior secured loans, cash and eligible investments with at least 80% of the borrowers based in the United States.
The investment management firm is based in Fort Worth, Tex.
| Issuer: | TICP CLO VI 2016-2, Ltd./TICP CLO VI 2016-2, LLC
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| Amount: | $417 million
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| Maturity: | Jan. 15, 2034
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| Securities: | Floating-rate and subordinated notes
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| Structure: | Cash flow CLO
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| Placement agent: | Merrill Lynch, Pierce, Fenner & Smith Inc.
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| Manager: | TICP CLO VI 2016-2 Management, LLC
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| Call: | Jan. 15, 2023
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| Pricing date: | Feb. 19
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| Settlement date: | Feb. 25
|
|
|
| Class X-R notes
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| Amount: | $4.5 million
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| Securities: | Floating-rate notes
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| Coupon: | Libor plus 60 bps
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| Rating: | S&P: AAA
|
|
|
| Class A-R2 notes
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| Amount: | $240 million
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| Securities: | Floating-rate notes
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| Coupon: | Libor plus 112 bps
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| Rating: | S&P: AAA
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|
|
| Class B-R2 notes
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| Amount: | $60 million
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| Securities: | Floating-rate notes
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| Coupon: | Libor plus 150 bps
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| Rating: | S&P: AA
|
|
|
|
|
| Class C-R2 notes
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| Amount: | $26 million
|
| Securities: | Deferrable floating-rate notes
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| Coupon: | Libor plus 190 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R2 notes
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| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
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| Coupon: | Libor plus 290 bps
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| Rating: | S&P: BBB-
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|
|
| Class E-R2 notes
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| Amount: | $16 million
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| Securities: | Deferrable floating-rate notes
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| Coupon: | Libor plus 625 bps
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| Rating: | S&P: BB-
|
|
|
| Subordinated notes
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| Amount: | $46.5 million
|
| Securities: | Floating-rate notes
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| Rating: | S&P: NR
|
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