By Cristal Cody
Tupelo, Miss., July 18 – TCW Asset Management Co. LLC priced $376 million of notes due Jan. 15, 2027 in a refinancing of a vintage 2014 CLO transaction, according to a market source and a notice of executed supplemental indenture on Tuesday.
Figueroa CLO 2014-1, Ltd./Figueroa CLO 2014-1, LLC sold $256 million of class A-R senior secured floating-rate notes at Libor plus 90 basis points; $40 million of class B-R senior secured floating-rate notes at Libor plus 150 bps; $26 million of class C-R senior secured deferrable floating-rate notes at Libor plus 210 bps; $23.5 million of class D-R senior secured deferrable floating-rate notes at Libor plus 325 bps; $22.5 million of class E-R secured deferrable floating-rate notes at Libor plus 645 bps; and $8 million of class F-R secured deferrable floating-rate notes at Libor plus 1,000 bps.
Natixis Securities Americas LLC was the refinancing placement agent.
TCW Asset Management will continue to manage the CLO.
In the original $413.06 million transaction issued Dec. 10, 2014, the CLO sold $256 million of class A floating-rate notes at Libor plus 155 bps at 99.433; $40 million of class B floating-rate notes at Libor plus 230 bps at 97.49; $26 million of class C deferrable floating-rate notes at Libor plus 300 bps at 95.558; $23.5 million of class D deferrable floating-rate notes at Libor plus 390 bps at 94.558; $8 million of class F floating-rate notes at Libor plus 650 bps at 87.479; and $37.06 million of subordinated notes.
Proceeds were used to redeem the original notes.
The CLO is backed primarily by broadly syndicated first-lien senior secured loans.
TCW Asset Management is a subsidiary of TCW Group, a global asset management company based in Los Angeles.
| Issuer: | Figueroa CLO 2014-1, Ltd./Figueroa CLO 2014-1 LLC
|
| Amount: | $376 million refinancing
|
| Maturity: | Jan. 15, 2027
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Natixis Securities Americas LLC
|
| Manager: | TCW Asset Management Co. LLC
|
| Settlement date: | July 16
|
|
|
| Class A-R notes
|
| Amount: | $256 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 90 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $40 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Ratings: | Moody’s: Aa1
|
| S&P: Non-rated
|
|
|
| Class C-R notes
|
| Amount: | $26 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Ratings: | Moody’s: A1
|
| S&P: Non-rated
|
|
|
| Class D-R notes
|
| Amount: | $23.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 325 bps
|
| Ratings: | Moody’s: Baa3
|
| S&P: Non-rated
|
|
|
| Class E-R notes
|
| Amount: | $22.5 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 645 bps
|
| Ratings: | Moody’s: Ba3
|
| S&P: Non-rated
|
|
|
| Class F-R notes
|
| Amount: | $8 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 1,000 bps
|
| Ratings: | Moody’s: Non-rated
|
| S&P: B-
|
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