By Cristal Cody
Tupelo, Miss., Dec. 6 – TPG Institutional Credit Partners, LLC affiliate TICP CLO XII Management, LLC sold $410 million of notes due Jan. 15, 2031 in the new TICP CLO XII, Ltd./TICP CLO XII, LLC transaction, according to a market source.
The CLO priced $256 million of class A floating-rate notes at Libor plus 111 basis points; $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.
Goldman Sachs & Co. LLC was the placement agent.
TICP CLO XII Management will manage the CLO.
The CLO has a one-year non-call period and a 2.5-year reinvestment period.
The transaction is collateralized primarily by broadly syndicated first-lien senior secured loans.
TPG Institutional Credit Partners has priced four new CLOs year to date.
The investment management firm is based in Fort Worth, Texas.
| Issuer: | TICP CLO XII, Ltd./TICP CLO XII, LLC
|
| Amount: | $410 million
|
| Maturity: | Jan. 15, 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs & Co. LLC
|
| Manager: | TICP CLO XII Management, LLC
|
| Call feature: | One year
|
| Pricing date: | Nov. 15
|
| Settlement date: | Dec. 21
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A notes
|
| Amount: | $256 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 111 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $46.8 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Ratings: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $16.8 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 280 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $23.2 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 550 bps
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $43.2 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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