THL refinances its first CLO of year, $348.25 million 2014 notes; secondary volume thin

By Cristal Cody

Tupelo, Miss., May 25 – THL Credit Advisors LLC priced $348.25 million of notes in the CLO manager’s first CLO refinancing of 2017.

The CLO manager refinanced five tranches of notes from a 2014 transaction.

THL Credit Advisors earlier in the month priced its second new CLO year to date, the $612 million THL Credit Wind River 2017-2 CLO Ltd./THL Credit Wind River 2017-2 LLC deal.

More than $76 billion of 2013, 2014 and 2015 CLOs have been refinanced year to date.

High-grade CBO/CDO/CLO secondary market volume was thin for a second straight session on Wednesday, according to the latest data from Trace. The session had $6.75 million of investment-grade securities trade, compared to $120.59 million of non-investment-grade issues traded.

THL Credit Advisors priced $348.25 million of notes due Jan. 22, 2027 in a refinancing of the THL Credit Wind River 2014-3 CLO Ltd./THL Credit Wind River 2014-3 LLC transaction, according to a notice of revised proposed supplemental indenture on Thursday.

The CLO sold $253 million of class A-R senior secured floating-rate notes at Libor plus 110 basis points in the senior tranche.

Deutsche Bank Securities Inc. was the refinancing underwriter.

In the original $408.68 million transaction priced on Dec. 14, 2014, the CLO sold $253 million of class A floating-rate notes at Libor plus 162 bps.

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