Chicago, May 26 – Sixth Street CLO XVIII Management LLC priced a $407.75 million collateralized loan obligation transaction issued by Sixth Street CLO XVIII Ltd./Sixth Street CLO XVIII LLC, according to a pre-sale report.
The notes will mature April 20, 2034.
The portfolio has $252 million of class A senior secured floating-rate notes at Libor plus 104 basis points, $52 million of class B senior secured floating-rate notes at Libor plus 145 bps, $24 million of class C senior secured deferrable floating-rate notes at Libor plus 200 bps, $24 million of class D senior secured deferrable floating-rate notes at Libor plus 290 bps, $14.5 million of class E senior secured deferrable floating-rate notes at Libor plus 650 bps and $41.25 million of subordinated notes.
The notes can be called starting April 20, 2023.
The reinvestment period ends April 20, 2026.
Sixth Street will manage the collateral through the end of the reinvestment period. Collateral is primarily made of broadly syndicated speculative-grade senior secured term loans.
J.P. Morgan Securities LLC is the placement agent.
Sixth Street is a global investment firm based in San Francisco.
| Issuers: | Sixth Street CLO XVIII Ltd./Sixth Street CLO XVIII LLC
|
| Issue: | Floating-rate and subordinated notes
|
| Amount: | $407.75 million
|
| Maturity: | April 20, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Sixth Street CLO XVIII Management LLC
|
| Call feature: | April 20, 2023
|
| Settlement date: | April 22
|
|
|
| Class A notes
|
| Amount: | $252 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 104 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
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| Amount: | $52 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
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| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
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| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 290 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
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| Amount: | $14.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 650 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $41.25 million
|
| Securities: | Subordinated notes
|
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