Chicago, April 15 – First Eagle Alternative Credit LLC refinanced $629 million the Wind River 2017-1 CLO Ltd./Wind River 2017-1 CLO LLC collateralized loan obligation, according to a pre-sale report.
The portfolio is due April 18, 2036.
The portfolio now includes $6 million of class X senior secured floating-rate notes at Libor plus 95 basis points, $384 million of class A-RR senior secured floating-rate notes at Libor plus 106 bps, $72 million of class B-R senior secured floating-rate notes at Libor plus 155 bps, $36 million of class C-R senior secured deferrable floating-rate notes at Libor plus 215 bps, $36 million of class D-R senior secured deferrable floating-rate notes at Libor plus 372 bps and $24 million of class E-R senior secured deferrable floating-rate notes at Libor plus 706 bps.
There are also $71 million of subordinated notes.
Barclays is the initial purchaser.
First Eagle will manage the collateral during the five-year reinvestment period.
Collateral for the notes must primarily be senior secured loans, cash and eligible investments with most borrowers based in the United States or Canada.
There are two years of call protection.
First Eagle currently manages 21 CLOs and has $17 billion in CLO assets under management.
| Issuers: | Wind River 2017-1 CLO Ltd./Wind River 2017-1 CLO LLC
|
| Issue: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Amount: | $629 million
|
| Maturity: | April 18, 2036
|
| Agent: | Barclays
|
| Manager: | First Eagle Alternative Credit LLC
|
| Call: | April 18, 2023
|
| Announcement date: | April 15
|
| Settlement date: | April 19
|
|
|
| Class X notes
|
| Amount: | $6 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 95 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class A-RR notes
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| Amount: | $384 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 106 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B-R notes
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| Amount: | $72 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
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| Amount: | $36 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 215 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
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| Amount: | $36 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 372 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 706 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Subordinated notes
|
| Amount: | $71 million
|
| Securities: | Subordinated notes
|
|
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