Chicago, March 14 – TCW Asset Management Co. LLC sold $409.1 million in a collateralized loan obligation being issued by TCW CLO 2022-1 Ltd./TCW CLO 2022-1 LLC, according to a pre-sale report.
The notes will mature on April 22, 2033.
The CLO consists of $4 million of class X senior secured floating-rate notes at SOFR plus 105 basis points, $241 million of class A1 senior secured floating-rate notes at SOFR plus 134 bps, $15 million of class AF 2.52% senior secured fixed-rate notes, $48 million of class B senior secured floating-rate notes at SOFR plus 185 bps, $24 million of class C senior secured deferrable floating-rate notes at SOFR plus 250 bps, $20 million of class D1 senior secured deferrable floating-rate notes at SOFR plus 348 bps, $4 million of class DJ senior secured deferrable floating-rate notes at SOFR plus 394 bps, $16 million of class E senior secured deferrable floating-rate notes at SOFR plus 689 bps and $37.1 million of subordinated notes.
TCW Asset Management Co. LLC will manage the collateral through the end of the reinvestment period on April 22, 2025.
Collateral for the notes consists of a portfolio of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting April 22, 2023.
Jefferies LLC was the placement agent.
TCW Asset Management is a subsidiary of TCW Group Inc.
| Issuer: | TCW CLO 2022-1 Ltd./TCW CLO 2022-1 LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $409.1 million
|
| Maturity: | April 22, 2033
|
| Structure: | Cash flow CLO
|
| Placement agent: | Jefferies LLC
|
| Manager: | TCW Asset Management Co. LLC
|
| Call feature: | April 22, 2023
|
| Settlement date: | April 5
|
|
|
| Class X notes
|
| Amount: | $4 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 105 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A1 notes
|
| Amount: | $241 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 134 bps
|
| Rating: | S&P: AAA
|
|
|
| Class AF notes
|
| Amount: | $15 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.52%
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $48 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 185 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 250 bps
|
| Rating: | S&P: A
|
|
|
| Class D1 notes
|
| Amount: | $20 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 348 bps
|
| Rating: | S&P: BBB+
|
|
|
| Class DJ notes
|
| Amount: | $4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 394 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $16 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 689 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $37.1 million
|
| Securities: | Subordinated notes
|
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