Chicago, March 17 – TCW Asset Management Co. LLC sold $412.25 million of new notes in a broadly syndicated CLO with TCW CLO 2021-1, Ltd./TCW CLO 2021-1 LLC listed as issuers, according to a pre-sale report.
The top-rated notes in the portfolio, due March 18, 2034, are $4 million of class X senior secured floating-rate notes at Libor plus 100 basis points, $260 million of class A senior secured floating-rate notes at Libor plus 117 bps and $44 million of class B senior secured floating-rate notes at Libor plus 150 bps.
The lower-rated notes include $24 million of class C senior secured deferrable floating-rate notes at Libor plus 190 bps, $20 million of class D-1 senior secured deferrable floating-rate notes at Libor plus 300 bps, $4 million of class D-2 senior secured deferrable floating-rate notes at Libor plus 388 bps and $16 million of class E senior secured deferrable floating-rate notes at Libor plus 582 bps.
There are also $38.15 million of subordinated notes.
Collateral will principally be senior secured loans, cash and eligible investments with at least 80% of the borrowers based in the United States.
The notes can be called starting April 20, 2023.
TCW Asset Management will manage the collateral backing the notes until the end of the reinvestment period on April 20, 2026.
Jefferies LLC is the initial purchaser.
TCW Asset Management is a subsidiary of TCW Group Inc.
| Issuer: | TCW Asset Management Co. LLC
|
| Issue: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Amount: | $412.25 million
|
| Maturity: | March 18, 2034
|
| Agent: | Jefferies LLC
|
| Manager: | TCW Asset Management Co. LLC
|
| Call: | April 20, 2023
|
| Announcement date: | March 16
|
| Settlement date: | March 18
|
|
|
| Class X notes
|
| Amount: | $4 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A notes
|
| Amount: | $260 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 117 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $44 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | S&P: A
|
|
|
| Class D-1 notes
|
| Amount: | $20 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Rating: | S&P: BBB
|
|
|
| Class D-2 notes
|
| Amount: | $4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 388 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $16 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 582 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $38.15 million
|
| Securities: | Subordinated notes
|
|
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