By Cristal Cody
Tupelo, Miss., March 23 – H.I.G. WhiteHorse Capital, LLC priced $512.7 million of notes due 2027 in the WhiteHorse X Ltd./WhiteHorse X LLC collateralized loan obligation offering, according to a market source.
The CLO sold $299 million of class A-1 senior secured floating-rate notes at Libor plus 143 basis points; $16 million of 3.06% class A-2 senior secured fixed-rate notes; $35.8 million of class B-1 senior secured floating-rate notes at Libor plus 210 bps; $30 million of 4.07% class B-2 senior secured fixed-rate notes; $26.8 million of class C mezzanine secured deferrable floating-rate notes at Libor plus 315 bps; $27.5 million of class D mezzanine secured deferrable floating-rate notes at Libor plus 380 bps; $25 million of class E junior secured deferrable floating-rate notes at Libor plus 530 bps; $7.8 million of class F junior secured deferrable floating-rate notes at Libor plus 625 bps and $44.8 million of subordinated notes.
BofA Merrill Lynch was the placement agent.
The CLO, backed by first-lien senior secured corporate loans and eligible investments, has a two-year non-call period and a four-year reinvestment period.
H.I.G. WhiteHorse Capital will manage the CLO.
The company brought three CLO transactions in 2014.
Dallas-based H.I.G. WhiteHorse Capital is the credit affiliate of private equity firm H.I.G. Capital, LLC.
| Issuer: | WhiteHorse X Ltd./WhiteHorse X LLC
|
| Amount: | $512.7 million
|
| Maturity: | 2027
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Merrill Lynch
|
| Manager: | H.I.G. WhiteHorse Capital, LLC
|
| Call feature: | 2017
|
| Pricing date: | March 19
|
| Settlement date: | April 16
|
|
|
| Class A-1 notes
|
| Amount: | $299 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 143 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA (expected)
|
|
|
| Class A-2 notes
|
| Amount: | $16 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.06%
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA (expected)
|
|
|
| Class B-1 notes
|
| Amount: | $35.8 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B-2 notes
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| Amount: | $30 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 4.07%
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | $26.8 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 315 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $27.5 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 380 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $25 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 530 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Class F notes
|
| Amount: | $7.8 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 625 bps
|
| Rating: | Moody’s: B2
|
|
|
| Equity
|
| Amount: | $44.8 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
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