By Cristal Cody
Tupelo, Miss., March 21 – TIAA Advisory Services LLC priced $454.85 million of notes due April 20, 2029 in a new broadly syndicated collateralized loan obligation offering, a market source said.
TIAA CLO II Ltd./TIAA CLO II LLC sold $285.75 million of class A floating-rate notes at par to yield Libor plus 128 basis points.
The CLO placed $47.25 million of class B floating-rate notes at par to yield Libor plus 170 bps.
TIAA CLO II priced $39.38 million of class C floating-rate notes at par to yield Libor plus 245 bps.
The CLO sold $22.5 million of class D floating-rate notes at par to yield Libor plus 345 bps.
In addition, TIAA CLO II priced $19.13 million of class E floating-rate notes at 96.06 and a coupon of Libor plus 585 bps.
The deal included $40.84 million of subordinated notes in the equity tranche.
Wells Fargo Securities LLC was the placement agent.
TIAA Advisory Services will manage the CLO.
The transaction is collateralized primarily by senior secured loans, with the majority of loan issuers based in the United States or Canada.
The New York-based financial services company is a subsidiary of TIAA Global Asset Management.
| Issuer: | TIAA CLO II Ltd./TIAA CLO II LLC
|
| Amount: | $454.85 million
|
| Maturity: | April 20, 2029
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Wells Fargo Securities LLC
|
| Manager: | TIAA Advisory Services LLC
|
| Pricing date: | March 10
|
| Settlement date: | March 30
|
|
|
| Class A notes
|
| Amount: | $285.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 128 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa expected
|
| S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $47.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Price: | Par
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $39.38 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 245 bps
|
| Price: | Par
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $22.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 345 bps
|
| Price: | Par
|
| Rating: | S&P: BBB
|
|
|
| Class E notes
|
| Amount: | $19.13 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 585 bps
|
| Price: | 96.06
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $40.84 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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