By Cristal Cody
Tupelo, Miss., Nov. 4 – The TCW Group priced $407.95 million of notes due Oct. 20, 2032 in the manager’s second CLO transaction of the year, according to market sources.
TCW CLO 2019-2, Ltd./TCW CLO 2019-2 LLC sold $215 million of class A-1A floating-rate notes at Libor plus 134 basis points, $35 million of 2.914% class A-1F fixed-rate notes and $14 million of class A-2 floating-rate notes at Libor plus 170 bps.
TCW CLO priced $34 million of class B-1 floating-rate notes at Libor plus 215 bps and $8 million of 3.799% class B-F fixed-rate notes.
Lower down the stack, the CLO priced $17 million of class C-1 deferrable floating-rate notes at Libor plus 290 bps, $5 million of 4.539% class C-R deferrable fixed-rate notes, $14 million of class D-1 deferrable floating-rate notes at Libor plus 395 bps, $8 million of class D-2A deferrable floating-rate notes at Libor plus 489 bps, $4 million of 6.55% class D-2F deferrable fixed-rate notes, $14 million of class E deferrable floating-rate notes at Libor plus 740 bps and $39.95 million of subordinated notes.
Jefferies LLC was the placement agent.
TCW Group subsidiary TCW Asset Management Co. LLC will manage the CLO.
The CLO has a two-year non-call period and a five-year reinvestment period.
The deal is backed primarily by broadly syndicated first-lien senior secured loans.
The global asset management company is based in Los Angeles.
| Issuer: | TCW CLO 2019-2, Ltd./TCW CLO 2019-2 LLC
|
| Amount: | $407.95 million
|
| Maturity: | Oct. 20, 2032
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Jefferies LLC
|
| Manager: | TCW Asset Management Co. LLC
|
| Call feature: | Two years
|
| Pricing date: | Oct. 17
|
| Settlement date: | Nov. 20
|
|
|
| Class A-1A notes
|
| Amount: | $215 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 134 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1F notes
|
| Amount: | $35 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.914%
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $14 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $34 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 215 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-F notes
|
| Amount: | $8 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.799%
|
| Rating: | S&P: AA
|
|
|
| Class C-1 notes
|
| Amount: | $17 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 290 bps
|
| Rating: | S&P: A
|
|
|
| Class C-F notes
|
| Amount: | $5 million
|
| Securities: | Deferrable fixed-rate notes
|
| Coupon: | 4.539%
|
| Rating: | S&P: A
|
|
|
| Class D-1 notes
|
| Amount: | $14 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 395 bps
|
| Rating: | S&P: BBB+
|
|
|
| Class D-2A notes
|
| Amount: | $8 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 489 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D-2F notes
|
| Amount: | $4 million
|
| Securities: | Deferrable fixed-rate notes
|
| Coupon: | 6.55%
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $14 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 740 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $39.95 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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