By Cristal Cody
Tupelo, Miss., Sept. 25 – Teachers Advisors LLC priced $17 million of notes due July 20, 2031 in a partial second refinancing of a vintage 2016 broadly syndicated collateralized loan obligation offering, according to market sources.
TIAA CLO I Ltd./TIAA CLO I LLC sold $285.75 million of 2.534% class B-2-RR senior secured fixed-rate notes.
The CLO was originally issued June 23, 2016 and was first refinanced on July 20, 2018.
In the first refinancing, the CLO had priced $17 million of 4.589% class B-2-R senior secured fixed-rate notes.
In the original transaction, the CLO priced $47.25 million of class B floating-rate notes at Libor plus 230 basis points.
MUFG was the refinancing agent.
Proceeds were used to redeem the class B-2-R notes.
The CLO is collateralized primarily by senior secured loans, with the majority of loan issuers based in the United States or Canada.
The New York-based financial services company is a subsidiary of TIAA Global Asset Management.
| Issuer: | TIAA CLO I Ltd./TIAA CLO I LLC
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| Amount: | $17 million refinancing
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| Maturity: | July 20, 2031
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| Securities: | Class B-2-RR senior secured fixed-rate notes
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| Structure: | Cash flow CLO
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| Refinancing agent: | MUFG
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| Manager: | Teachers Advisors LLC
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| Coupon: | 2.534%
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| Pricing date: | Sept. 9
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| Settlement date: | Sept. 17
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| Rating: | S&P: AA
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| Distribution: | Rule 144A and Regulation S
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