By Cristal Cody
Tupelo, Miss., Sept. 15 – First Eagle Alternative Credit, LLC priced $413 million of notes due Oct. 20, 2033 in the Wind River 2020-1 CLO Ltd./Wind River 2020-1 LLC transaction, according to a market source.
The CLO sold $244 million of class A senior secured floating-rate notes at Libor plus 143 basis points, $26 million of class B senior secured floating-rate notes at Libor plus 210 bps, $104 million of 2.25% class C mezzanine secured deferrable fixed-rate notes, $8 million of 5% class D-1 junior secured deferrable fixed-rate notes at Libor plus 210 bps, $6 million of non-interest accruing class D-2 junior secured deferrable notes and $25 million of subordinated notes.
Morgan Stanley & Co. LLC was the placement agent.
First Eagle Alternative Credit, which acquired THL Credit Advisors LLC earlier in the year, will manage the CLO.
The CLO has a two-year non-call period and a five-year reinvestment period.
The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.
Boston-based First Eagle is an alternative credit management firm.
Issuer: | Wind River 2020-1 CLO Ltd./Wind River 2020-1 LLC
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Amount: | $413 million
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Maturity: | Oct. 20, 2033
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Securities: | Fixed-rate, floating-rate and subordinated notes
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Structure: | Cash flow CLO
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Placement agent: | Morgan Stanley & Co. LLC
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Manager: | First Eagle Alternative Credit, LLC
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Call feature: | Two years
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Settlement date: | Oct. 7
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|
Class A notes
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Amount: | $244 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 143 bps
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Ratings: | Moody’s: Aaa
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| Kroll: AAA
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Class B notes
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Amount: | $26 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 210 bps
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Ratings: | Moody’s: Aa2
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| Kroll: AA
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|
Class C notes
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Amount: | $104 million
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Securities: | Mezzanine secured deferrable fixed-rate notes
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Coupon: | 2.25%
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Ratings: | Kroll: BBB-
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Class D-1 notes
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Amount: | $8 million
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Securities: | Junior secured deferrable fixed-rate notes
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Coupon: | 5%
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Ratings: | Kroll: BB-
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Class D-2 notes
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Amount: | $6 million
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Securities: | Non-interest junior secured notes
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Ratings: | Kroll: BB-
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|
Equity
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Amount: | $25 million
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Securities: | Subordinated notes
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Ratings: | Non-rated
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