Chicago, Aug. 16 – TCW Asset Management Co. LLC sold $409.5 million in a collateralized loan obligation being issued by TCW CLO 2021-2 Ltd./TCW CLO 2021-2 LLC, according to a pre-sale report.
The notes will mature on July 25, 2034.
The CLO consists of $4 million of class X senior secured floating-rate notes at Libor plus 100 basis points, $244 million of class AS senior secured floating-rate notes at Libor plus 118 bps, $12 million of class AJ senior secured floating-rate notes at Libor plus 143 bps, $48 million of class B senior secured floating-rate notes at Libor plus 175 bps, $24 million of class C senior secured deferrable floating-rate notes at Libor plus 210 bps, $24 million of class D senior secured deferrable floating-rate notes at Libor plus 325 bps, $16 million of class E senior secured deferrable floating-rate notes at Libor plus 686 bps and $37.5 million of subordinated notes.
TCW Asset Management Co. LLC will manage the collateral through the end of the reinvestment period on July 26, 2026.
The notes are backed by broadly syndicated senior secured term loans.
The notes can be called starting July 25, 2023.
Jefferies LLC was the placement agent.
TCW Asset Management is a subsidiary of TCW Group Inc.
| Issuer: | TCW CLO 2021-2 Ltd./TCW CLO 2021-2 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $409.5 million
|
| Maturity: | July 25, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Jefferies LLC
|
| Manager: | TCW Asset Management Co. LLC
|
| Call feature: | July 25, 2023
|
| Settlement date: | July 26
|
|
|
| Class X notes
|
| Amount: | $4 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Rating: | S&P: AAA
|
|
|
| Class AS notes
|
| Amount: | $244 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 118 bps
|
| Rating: | S&P: AAA
|
|
|
| Class AJ notes
|
| Amount: | $12 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 143 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $48 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 325 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $16 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 686 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $37.5 million
|
| Securities: | Subordinated notes
|
|
|
|
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