By Cristal Cody
Tupelo, Miss., May 18 – THL Credit Advisors LLC priced $612 million of notes due July 20, 2030 in the new THL Credit Wind River 2017-2 CLO Ltd./THL Credit Wind River 2017-2 LLC transaction, according to a market source.
The CLO sold $3 million of class X floating-rate notes at Libor plus 90 basis points; $325 million of class A floating-rate notes at Libor plus 123 bps; $55 million of class B floating-rate notes at Libor plus 170 bps; $19.75 million of class C floating-rate notes at Libor plus 245 bps; $5.25 million of class C-2 floating-rate notes at Libor plus 245 bps; $35 million of class D floating-rate notes at Libor plus 360 bps; $20 million of class E floating-rate notes at Libor plus 650 bps; $7.5 million of class F floating-rate notes at Libor plus 710 bps and $40.5 million of subordinated notes.
BofA Merrill Lynch was the placement agent.
THL Credit Advisors will manage the CLO.
The CLO has a two-year non-call period and a five-year reinvestment period.
Proceeds from the offering will be used to purchase a portfolio of about $500 million of mostly first-lien senior secured leveraged loans.
The CLO is backed primarily by broadly syndicated first-lien senior secured corporate loans.
THL Credit Advisors has priced two new CLOs year to date.
The CLO manager priced two new CLOs and one refinanced CLO in 2016.
The alternative credit investment firm is based in Boston.
| Issuer: | THL Credit Wind River 2017-2 CLO Ltd./THL Credit Wind River 2017-2 CLO LLC
|
| Amount: | $511 million
|
| Maturity: | July 20, 2030
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Merrill Lynch
|
| Manager: | THL Credit Advisors LLC
|
| Call feature: | Two years
|
| Settlement date: | June 15
|
| Distribution: | Rule 144A
|
|
|
| Class X notes
|
| Amount: | $3 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 90 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A notes
|
| Amount: | $325 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 123 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $55 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Ratings: | Non-rated
|
|
|
| Class C-1 notes
|
| Amount: | $19.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 245 bps
|
| Ratings: | Non-rated
|
|
|
| Class C-2 notes
|
| Amount: | $5.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 245 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $35 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 360 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $20 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 650 bps
|
| Ratings: | Non-rated
|
|
|
| Class F notes
|
| Amount: | $7.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 710 bps
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $40.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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