THL Credit Advisors plans manager’s third CLO deal of year; secondary market active

By Cristal Cody

Tupelo, Miss., Oct. 17 – THL Credit Advisors LLC is in the deal pipeline with the CLO manager’s third new offering of the year.

THL Credit Advisors plans to price $508.75 million of notes in the CLO offering.

Year to date, nearly $90 billion of new CLOs have priced, according to market sources.

Elsewhere in the secondary market, $205.89 million of high-grade CBO/CDO/CLO issues were traded along with $98.87 million of lower-rated securities on Tuesday, according to Trace data.

The high-grade CBO/CDO/CLO securities traded with an overall average price of 96.20 and a weighted average price of 95.10.

In its deal, THL Credit Advisors plans to price $508.75 million of notes due Jan. 20, 2031 in the THL Credit Wind River 2018-3 CLO Ltd./THL Credit Wind River 2018-3 LLC transaction, according to a market source.

The deal is expected to include $299.5 million of class A-1 floating-rate notes (AAA/AAA); $23 million of class A-2 floating-rate notes (/non-rated/AAA); $57.5 million of class B floating-rate notes (AA); $30 million of class C deferrable floating-rate notes (A); $30 million of class D deferrable floating-rate notes (BBB-); $18 million of class E deferrable floating-rate notes (BB-) and $50.75 million of subordinated notes.

Citigroup Global Markets Inc. is the placement agent.

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