By Cristal Cody
Tupelo, Miss., Sept. 5 – TPG Institutional Credit Partners, LLC affiliate TICP CLO XI Management, LLC sold $409 million of notes due Oct. 20, 2031 in the new TICP CLO XI, Ltd./TICP CLO XI, LLC transaction, according to a market source.
The CLO priced $252 million of class A floating-rate notes at Libor plus 118 basis points; $44.3 million of class B floating-rate notes at Libor plus 173 bps; $20.4 million of class C floating-rate notes at Libor plus 215 bps; $26.2 million of class D floating-rate notes at Libor plus 305 bps; $22.4 million of class E floating-rate notes at Libor plus 600 bps and $43.7 million of subordinated notes.
J.P. Morgan Securities LLC was the placement agent.
TICP CLO XI Management will manage the CLO, which has a two-year non-call period and a five-year reinvestment period.
The transaction is collateralized predominately by broadly syndicated first-lien senior secured loans.
TPG has issued three new CLOs year to date.
The investment management firm is based in Fort Worth, Texas.
| Issuer: | TICP CLO XI, Ltd./TICP CLO XI, LLC
|
| Amount: | $409 million
|
| Maturity: | Oct. 20, 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | TICP CLO XI Management, LLC
|
| Call feature: | Two years
|
| Pricing date: | Aug. 17
|
| Settlement date: | Sept. 28
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A notes
|
| Amount: | $252 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 118 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $44.3 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 173 bps
|
| Rating: | Fitch: AA
|
|
|
| Class C notes
|
| Amount: | $20.4 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 215 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $26.2 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 305 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $22.4 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 600 bps
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $43.7 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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