Chicago, July 23 – First Eagle Alternative Credit EU LLC refinanced for $514.5 million the collateralized loan obligation issued originally by THL Credit Wind River 2019-1 CLO Ltd./THL Credit Wind River 2019-1 LLC and now issued by Wind River 2019-1 CLO Ltd./Wind River 2019-1 CLO LLC, according to a pre-sale report.
The maturity date has been extended approximately three years to July 20, 2034.
The refinancing notes are the $5 million of class X senior secured floating-rate notes at Libor plus 95 basis points, $300 million of class A-R senior secured floating-rate notes at Libor plus 116 bps, $75 million of class B-R senior secured floating-rate notes at Libor plus 170 bps, $35 million of class C-R senior secured deferrable floating-rate notes at Libor plus 225 bps, $30 million of class D-R senior secured deferrable floating-rate notes at Libor plus 345 bps, $18.75 million of class E-R senior secured deferrable floating-rate notes at Libor plus 660 bps and $3 million of class F-R senior secured deferrable floating-rate notes at Libor plus 824 bps.
There are also $47.4 million of subordinated notes.
The original $504.65 million transaction had $298.5 million of class A-1 floating-rate notes at Libor plus 133 bps, $21.5 million of class A-2 floating-rate notes at Libor plus 165 bps and $60 million of class B floating-rate notes at Libor plus 180 bps.
THL Credit Wind River 2019-1 also originally priced $30 million of class C floating-rate notes at Libor plus 265 bps, $30 million of class D floating-rate notes at Libor plus 375 bps, $17.25 million of class E floating-rate notes at Libor plus 665 bps and $47.4 million of subordinated notes.
Natixis Securities Americas LLC was the refinancing placement agent.
The notes can be called after June 23, 2023.
The reinvestment period ends July 20, 2026.
First Eagle will manage the collateral through that time. The notes are collateralized by broadly syndicated speculative-grade senior secured term loans.
The alternative credit investment firm is based in Boston.
| Issuers: | Wind River 2019-1 CLO Ltd./Wind River 2019-1 CLO LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $514.5 million
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| Maturity: | July 20, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Natixis Securities Americas LLC
|
| Manager: | First Eagle Alternative Credit EU LLC
|
| Call feature: | June 23, 2023
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| Settlement date: | June 23
|
|
|
| Class X notes
|
| Amount: | $5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 95 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-R notes
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| Amount: | $300 million
|
| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 116 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
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| Amount: | $75 million
|
| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 170 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
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| Amount: | $35 million
|
| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Libor plus 225 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
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| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 345 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
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| Amount: | $18.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Libor plus 660 bps
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| Rating: | S&P: BB-
|
|
|
| Class F-R notes
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| Amount: | $3 million
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| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Libor plus 824 bps
|
| Rating: | S&P: B-
|
|
|
| Subordinated notes
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| Amount: | $47.4 million
|
| Securities: | Subordinated notes
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