By Cristal Cody
Tupelo, Miss., July 28 – The TCW Group priced $90 million of notes due April 25, 2031 in a refinancing of a vintage 2018 CLO transaction, according to market sources.
TCW CLO 2018-1, Ltd./TCW CLO 2018-1 LLC sold $18.75 million of 1.92% class A-1b-R1 fixed-rate notes, $6.25 million of class A-1b-R2 floating-rate notes at Libor plus 170 bps, $14 million of class A-2b-R floating-rate notes at Libor plus 105 bps, $5 million of 2.69% class B-2-R1 fixed-rate notes, $20 million of class B-2-R2 floating-rate notes at Libor plus 240 bps and $26 million of class C-R floating-rate notes at Libor plus 340 bps.
Natixis Securities Americas LLC was the refinancing placement agent.
TCW Group subsidiary TCW Asset Management Co. LLC will continue to manage the CLO.
In the original $408.6 million offering issued May 14, 2018, the CLO had priced $215 million of class A-1a floating-rate notes at Libor plus 105 bps, $25 million of 3.88% class A-1b fixed-rate notes, $4 million of class A-2a floating-rate notes at Libor plus 130 bps, $14 million of 4.14% class A-2b fixed-rate notes, $21 million of class B-1 floating-rate notes at Libor plus 175 bps and $25 million of 4.59% class B-2 fixed-rate notes.
The CLO also priced $26 million of 4.91% class C deferrable fixed-rate notes, $22 million of class D deferrable floating-rate notes at Libor plus 291 bps, $16 million of class E deferrable floating-rate notes at Libor plus 605 bps and $40.2 million of subordinated notes.
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 2018-1, Ltd./TCW CLO 2018-1 LLC
|
| Amount: | $90 million refinancing
|
| Maturity: | April 25, 2031
|
| Securities: | Fixed- and floating-rate notes
|
| Structure: | Middle-market CLO
|
| Refinancing agent: | Natixis Securities Americas LLC
|
| Manager: | TCW Asset Management Co. LLC
|
| Settlement date: | July 27
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-1b-R1 notes
|
| Amount: | $18.75 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 1.92%
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-1b-R2 notes
|
| Amount: | $6.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-2b-R2 notes
|
| Amount: | $14 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 195 bps
|
| Ratings: | S&P: Non-rated
|
| Fitch: AAA
|
|
|
| Class B-2-R1 notes
|
| Amount: | $5 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.69%
|
| Rating: | S&P: AA
|
|
|
| Class B-2-R2 notes
|
| Amount: | $20 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $26 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 340 bps
|
| Rating: | S&P: A
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
