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Published on 10/19/2021 in the Prospect News CLO Daily.

New Issue: Sixth Street sells $508.75 million in Sixth Street CLO XX

Chicago, Oct. 19 – Sixth Street CLO XX Management LLC sold $508.75 million in a collateralized loan obligation being issued by Sixth Street CLO XX Ltd./Sixth Street CLO XX LLC, according to a couple of notices.

The notes will mature on Oct. 20, 2034.

The CLO consists of $310 million of class A-1 senior secured floating-rate notes at Libor plus 116 basis points, $15 million of class A-2 senior secured floating-rate notes at Libor plus 145 bps, $55 million of class B senior secured floating-rate notes at Libor plus 165 bps, $30 million of class C senior secured deferrable floating-rate notes at Libor plus 200 bps, $30 million of class D senior secured deferrable floating-rate notes at Libor plus 305 bps, $17.5 million of class E senior secured deferrable floating-rate notes at Libor plus 615 bps and $51.25 million of subordinated notes.

Sixth Street CLO XX Management LLC will manage the collateral through the end of the reinvestment period on Oct. 20, 2026.

Collateral will chiefly consist of broadly syndicated speculative-grade senior secured term loans.

The notes can be called starting Oct. 20, 2023.

Goldman Sachs & Co. LLC was the placement agent.

Sixth Street is a global investment firm based in San Francisco.

Issuer:Sixth Street CLO XX Ltd./Sixth Street CLO XX LLC
Issue:Floating-rate notes and subordinated notes
Amount:$508.75 million
Maturity:Oct. 20, 2034
Structure:Cash flow CLO
Placement agent:Goldman Sachs & Co. LLC
Manager:Sixth Street CLO XX Management LLC
Call feature:Oct. 20, 2023
Settlement date:Oct. 20
Class A-1 notes
Amount:$310 million
Securities:Senior secured floating-rate notes
Coupon:Libor plus 116 bps
Rating:S&P: AAA
Fitch: AAA
Class A-2 notes
Amount:$15 million
Securities:Senior secured floating-rate notes
Coupon:Libor plus 145 bps
Rating:Fitch: AAA
Class B notes
Amount:$55 million
Securities:Senior secured floating-rate notes
Coupon:Libor plus 165 bps
Rating:S&P: AA
Class C notes
Amount:$30 million
Securities:Senior secured deferrable floating-rate notes
Coupon:Libor plus 200 bps
Rating:S&P: A
Class D notes
Amount:$30 million
Securities:Senior secured deferrable floating-rate notes
Coupon:Libor plus 305 bps
Rating:S&P: BBB-
Class E notes
Amount:$17.5 million
Securities:Senior secured deferrable floating-rate notes
Coupon:Libor plus 615 bps
Rating:S&P: BB-
Subordinated notes
Amount:$51.25 million
Securities:Subordinated notes

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