Chicago, May 28 – First Eagle Alternative Credit LLC refinanced for $625.4 million the collateralized loan obligation issued by Wind River 2017-3 CLO Ltd./Wind River 2017-3 CLO LLC, according to a pre-sale report.
The CLO matures April 15, 2035.
The refinancing notes are the $380 million of class A-R senior secured floating-rate notes at Libor plus 115 basis points, $76 million of class B-R senior secured floating-rate notes at Libor plus 180 bps, $36 million of class C-R senior secured deferrable floating-rate notes at Libor plus 250 bps, $35.5 million of class D-R senior secured deferrable floating-rate notes at Libor plus 385 bps and $20.8 million of class E-R senior secured deferrable floating-rate notes at Libor plus 705 bps.
There are also $77.1 million of subordinated notes.
J.P. Morgan Securities LLC is the initial purchaser.
The collateral manager if First Eagle Alternative Credit LLC. The reinvestment period ends April 15, 2026.
Collateral is mostly senior secured loans and eligible investments.
The notes can be called starting April 15, 2023.
The original issue priced in September 2017.
The issuer is a subsidiary of First Eagle Investment Management.
| Issuers: | Wind River 2017-3 CLO Ltd./Wind River 2017-3 CLO LLC
|
| Issue: | Floating-rate and subordinated notes
|
| Amount: | $625.4 million
|
| Maturity: | April 15, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | First Eagle Alternative Credit LLC
|
| Call feature: | April 15, 2023
|
| Settlement date: | April 29
|
|
|
| Class A-R notes
|
| Amount: | $380 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 115 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $76 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $36 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 250 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $35.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 385 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $20.8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 705 bps
|
| Rating: | S&P: Non-rated
|
|
|
| Subordinated notes
|
| Amount: | $77.1 million
|
| Securities: | Subordinated notes
|
|
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