Chicago, Jan. 31 – Tikehau Structured Credit Management LLC sold $502.85 million in a collateralized loan obligation being issued by Tikehau US CLO III Ltd., according to a new issue report.
The notes will mature on Jan. 26, 2023.
The CLO consists of $300 million of class A-1 senior secured floating-rate notes at SOFR plus 239 basis points, $35 million of class AJ senior secured floating-rate notes at SOFR plus 307 bps, $45 million of class B senior secured floating-rate notes at SOFR plus 356 bps, $14.1 million of class C2A mezzanine secured deferrable floating-rate notes at SOFR plus 440 bps, $6 million of class C1N mezzanine secured deferrable floating-rate notes at SOFR plus 461 bps, $7 million of class C1F 8.47% mezzanine secured deferrable fixed-rate notes, $7.9 million of class C2B mezzanine secured deferrable floating-rate notes at SOFR plus bps, $25 million of class D1 junior secured deferrable floating-rate notes at SOFR plus 614 bps, $5 million of class DF 9.64% junior secured deferrable fixed-rate notes and $57.85 million of subordinated notes.
Tikehau Structured Credit Management LLC will manage the collateral. There is no reinvestment period. The CLO is static.
Collateral for the notes consists of first-lien senior secured leveraged loans.
Tikehau is an alternative investment manager based in Paris.
| Issuer: | Tikehau US CLO III Ltd.
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $502.85 million
|
| Maturity: | Jan. 26, 2023
|
| Structure: | Cash flow CLO
|
| Manager: | Tikehau Structured Credit Management LLC
|
| Settlement date: | Jan. 26
|
|
|
| Class A-1 notes
|
| Amount: | $300 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 239 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class AJ notes
|
| Amount: | $35 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 307 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $45 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 356 bps
|
| Rating: | Fitch: AA+
|
|
|
| Class C2A notes
|
| Amount: | $14.1 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 440 bps
|
| Rating: | Fitch: A+
|
|
|
| Class C1N notes
|
| Amount: | $6 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 461 bps
|
| Rating: | Fitch: A+
|
|
|
| Class C1F notes
|
| Amount: | $7 million
|
| Securities: | Mezzanine secured deferrable fixed-rate notes
|
| Coupon: | 8.47%
|
| Rating: | Fitch: A+
|
|
|
| Class C2B notes
|
| Amount: | $7.9 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | SOFR plus bps
|
| Rating: | Fitch: A+
|
|
|
| Class D1 notes
|
| Amount: | $25 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 614 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class DF notes
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| Amount: | $5 million
|
| Securities: | Junior secured deferrable fixed-rate notes
|
| Coupon: | 9.64%
|
| Rating: | Fitch: BBB-
|
|
|
| Subordinated notes
|
| Amount: | $57.85 million
|
| Securities: | Subordinated notes
|
|
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