By Cristal Cody
Tupelo, Miss., March 30 – TICP CLO II Management, LLC sold $406.8 million of global secured floating-rate notes due July 20, 2026 in a refinancing of the vintage 2014 TICP CLO II, Ltd./TICP CLO II, LLC transaction, according to a notice of revised proposed supplemental indenture on Wednesday.
The CLO priced $255 million of class A-1A-R senior secured floating-rate notes at Libor plus 116 basis points; $65.3 million of class A-1B-R senior secured floating-rate notes at Libor plus 116 bps; $43 million of class A-2A-R senior secured floating-rate notes at Libor plus 155 bps; $18.1 million of class A-2B-R senior secured floating-rate notes at Libor plus 155 bps and $25.4 million of class B-R senior secured deferrable floating-rate notes at Libor plus 220 bps.
TICP replaced two fixed-rate tranches from the original deal with floaters in the refinanced transaction and dropped plans to refinance the $26.4 million class C tranche of senior secured deferrable floating-rate notes that priced at Libor plus 330 bps. The class D and E notes also were not refinanced.
In the original transaction priced on July 17, 2014, TICP CLO II sold $255 million of class A-1A floating-rate notes at Libor plus 145 bps; $65.3 million of 3.53% class A-1B fixed-rate notes; $43 million of class A-2A floating-rate notes at Libor plus 205 bps; $18.1 million of 4.32% class A-2B fixed-rate notes; $25.4 million of class B floating-rate notes at Libor plus 300 bps; $26.4 million of class C floating-rate notes at Libor plus 330 bps; $28 million of class D floating-rate notes at Libor plus 475 bps; $4.8 million of class E floating-rate notes at Libor plus 525 bps and $47.5 million of subordinated notes.
Proceeds will be used on April 20 to redeem the original class A-1A, A-1B, A-2A, A-2B, B and C notes.
TICP CLO Management is a Fort Worth, Texas-based affiliate of TPG Institutional Credit Partners, LLC.
| Issuer: | TICP CLO II, Ltd./TICP CLO II, LLC
|
| Amount: | $406.8 million refinancing
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| Maturity: | July 20, 2026
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| Securities: | Floating-rate notes
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| Structure: | Cash flow CLO
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| Manager: | TICP CLO II Management, LLC
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| Redemption date: | April 20
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-1A-R notes
|
| Amount: | $255 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 116 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
|
|
| Class A-1B-R notes
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| Amount: | $65.3 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 116 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
|
|
| Class A-2A-R notes
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| Amount: | $43 million
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| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 155 bps
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class A-2B-R notes
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| Amount: | $18.1 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class B-R notes
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| Amount: | $25.4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 220 bps
|
| Rating: | Moody’s: A2 expected
|
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