Chicago, Sept. 2 – TICP CLO XII Management LLC refinanced for $411.9 million a collateralized loan obligation originally issued by TICP CLO XII Ltd./TICP CLO XII LLC, according to a pre-sale report.
The notes will now mature on July 15, 2034.
The refinanced CLO consists of $3.3 million of class X senior secured floating-rate notes at Libor plus 65 basis points, $248 million of class A-R senior secured floating-rate notes at Libor plus 117 bps, $56 million of class B-R senior secured floating-rate notes at Libor plus 165 bps, $24 million of class C-R senior secured deferrable floating-rate notes at Libor plus 210 bps, $24 million of class D-R senior secured deferrable floating-rate notes at Libor plus 330 bps, $13.4 million of class E-R senior secured deferrable floating-rate notes at Libor plus 625 bps and $43.2 million of subordinated notes.
The CLO originally priced $256 million of class A floating-rate notes at Libor plus 111 bps; $46.8 million of class B floating-rate notes at Libor plus 165 bps; $16.8 million of class C floating-rate notes at Libor plus 200 bps; $24 million of class D floating-rate notes at Libor plus 280 bps; $23.2 million of class E floating-rate notes at Libor plus 550 bps and $43.2 million of subordinated notes.
TICP CLO XII Management LLC will manage the collateral through the end of the reinvestment period on July 15, 2026.
The notes can be called starting July 15, 2023.
Citigroup Global Markets Inc. was the placement agent.
The investment management firm is based in Fort Worth, Texas.
| Issuer: | TICP CLO XII Ltd./TICP CLO XII LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $411.9 million
|
| Maturity: | July 15, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | TICP CLO XII Management LLC
|
| Call feature: | July 15, 2023
|
| Settlement date: | Aug. 16
|
|
|
| Class X notes
|
| Amount: | $3.3 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 65 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-R notes
|
| Amount: | $248 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 117 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $56 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $24 million
|
| Securities: | Senior secured Deferrable floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $24 million
|
| Securities: | Senior secured Deferrable floating-rate notes
|
| Coupon: | Libor plus 330 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $13.4 million
|
| Securities: | Senior secured Deferrable floating-rate notes
|
| Coupon: | Libor plus 625 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $43.2 million
|
| Securities: | Subordinated notes
|
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