Chicago, Sept. 4 – TPG Sixth Street Partners affiliate TICP CLO XIV Management, LLC sold $402.35 million of notes due Oct. 20, 2032 in the new TICP CLO XIV, Ltd./TICP CLO XIV, LLC collateralized loan obligation offering, according to market sources.
The CLO priced $248 million of class A-1a floating-rate notes at Libor plus 134 basis points; $6.4 million of class A-1b floating-rate notes at Libor plus 170 bps; $49.6 million of class A-2 floating-rate notes at Libor plus 190 bps; $24 million of class B deferrable floating-rate notes at Libor plus 270 bps; $24 million of class C deferrable floating-rate notes at Libor plus 390 bps; $14 million of class D deferrable floating-rate notes at Libor plus 715 bps and $36.35 million of subordinated notes.
Citigroup Global Markets Inc. was the placement agent.
TICP CLO XIV Management will manage the CLO.
The CLO has a two-year non-call period and a five-year reinvestment period.
The transaction is collateralized primarily by broadly syndicated speculative-grade senior secured loans.
TPG Sixth Street Partners currently manages 12 CLOs.
| Issuer: | TICP CLO XIV, Ltd./TICP CLO XIV, LLC
|
| Amount: | $402.35 million
|
| Maturity: | Oct. 20, 2032
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc
|
| Manager: | TICP CLO XIV Management, LLC
|
| Call feature: | Two year
|
| Pricing date: | Sept. 4
|
| Settlement date: | Sept. 18
|
|
|
| Class A-1a notes
|
| Amount: | $248 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 134 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1b notes
|
| Amount: | $6.4 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | S&P: Non-rated
|
|
|
| Class A-2 notes
|
| Amount: | $49.6 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | S&P: AA
|
|
|
| Class B notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 270 bps
|
| Rating: | S&P: A
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 390 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D notes
|
| Amount: | $14 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 715 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $36.35 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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