Chicago, Dec. 1 – TCW Asset Management Co. LLC refinanced and extended for $515.6 million the collateralized loan obligation issued by TCW CLO 2017-1 Ltd./TCW CLO 2017-1 LLC, according to a pre-sale report.
The notes will now mature on Oct. 29, 2034.
The refinanced CLO consists of $4 million of class XRR senior secured floating-rate notes at Libor plus 85 basis points, $305.5 million of class A1RR senior secured floating-rate notes at Libor plus 118 bps, $20 million of class A2RR senior secured floating-rate notes at Libor plus 145 bps, $55.5 million of class BRR senior secured floating-rate notes at Libor plus 170 bps, $30 million of class CRR senior secured deferrable floating-rate notes at Libor plus 230 bps, $30 million of class DRR senior secured deferrable floating-rate notes at Libor plus 367 bps, $20 million of class ERR senior secured deferrable floating-rate notes at Libor plus 678 bps and $50.6 million of subordinated notes.
Originally, the CLO had $256 million of class A senior secured floating-rate notes priced with a discount margin of Libor plus 128 bps, the $48 million of class B senior secured floating-rate notes priced with a discount margin of Libor plus 186 bps and the $26 million of class C senior secured deferrable floating-rate notes were sold at a discount margin of Libor plus 250 bps.
TCW CLO sold the $20 million of class D senior secured deferrable floating-rate notes at a discount margin of Libor plus 400 bps and the $18 million of class E secured deferrable floating-rate notes at a discount margin of Libor plus 715 bps.
The deal also included $40.6 million of subordinated notes.
TCW Asset Management Co. LLC will manage the collateral through the end of the reinvestment period on Oct. 29, 2026.
The notes can be called starting Oct. 29, 2023.
Jefferies LLC was the placement agent.
The global asset management company is based in Los Angeles.
| Issuer: | TCW CLO 2017-1 Ltd./TCW CLO 2017-1 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $515.6 million
|
| Maturity: | Oct. 29, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Jefferies LLC
|
| Manager: | TCW Asset Management Co. LLC
|
| Call feature: | Oct. 29, 2023
|
| Settlement date: | Oct. 20
|
|
|
| Class XRR notes
|
| Amount: | $4 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 85 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A1RR notes
|
| Amount: | $305.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 118 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A2RR notes
|
| Amount: | $20 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Rating: | S&P: AAA
|
|
|
| Class BRR notes
|
| Amount: | $55.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | S&P: AA
|
|
|
| Class CRR notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 230 bps
|
| Rating: | S&P: A
|
|
|
| Class DRR notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 367 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class ERR notes
|
| Amount: | $20 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 678 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $50.6 million
|
| Securities: | Subordinated notes
|
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