Chicago, Jan. 3 – TICP CLO VIII Management LLC refinanced for $409.43 million the collateralized loan obligation issued by TICP CLO VIII Ltd./TICP CLO VIII LLC, according to a pre-sale report.
The notes will mature on Oct. 20, 2034.
The refinanced CLO consists of $2.83 million of class X floating-rate notes at Libor plus 75 basis points, $248 million of class A-1-R floating-rate notes at Libor plus 116 bps, $56 million of class A-2-R floating-rate notes at Libor plus 170 bps, $24 million of class B-R floating-rate notes at Libor plus 220 bps, $24 million of class C-R floating-rate notes at Libor plus 340 bps, $15 million of class D-R floating-rate notes at Libor plus 670 bps and $39.6 million of subordinated notes.
TICP CLO VIII Management LLC will manage the collateral through the end of the reinvestment period on Oct. 20, 2026.
Collateral will mostly be senior secured loans, cash and eligible investments with most borrowers based in the United States and Canada.
The notes can be called starting Oct. 20, 2023.
Mizuho Securities USA LLC was the placement agent.
The original transaction dates to October 2017.
The investment management firm is based in Fort Worth, Texas.
| Issuer: | TICP CLO VIII Ltd./TICP CLO VIII LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $409.43 million
|
| Maturity: | Oct. 20, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Mizuho Securities USA LLC
|
| Manager: | TICP CLO VIII Management LLC
|
| Call feature: | Oct. 20, 2023
|
| Settlement date: | Nov. 15
|
|
|
| Class X notes
|
| Amount: | $2.83 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 75 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1-R notes
|
| Amount: | $248 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 116 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2-R notes
|
| Amount: | $56 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-R notes
|
| Amount: | $24 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 220 bps
|
| Rating: | S&P: A
|
|
|
| Class C-R notes
|
| Amount: | $24 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 340 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D-R notes
|
| Amount: | $15 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 670 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $39.6 million
|
| Securities: | Subordinated notes
|
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