TPG prices $479 million deal; Canyon Capital markets $414.92 million CLO; pipeline steady

By Cristal Cody

Tupelo, Miss., March 21 - Details of TPG Global, LLC's first collateralized loan obligation deal emerged on Friday, with the company offering $479 million of notes.

The CLO placed the AAA tranche at Libor plus 160 basis points, wider than recent issuance brought in the Libor plus 150 bps area, according to an informed source.

More than $19 billion of CLOs has priced year-to-date, according to market sources.

The calendar is expected to be steady with about $16 billion of transactions in the pipeline, a source said.

"There's a little bump up," one source said.

Coming up, Canyon Capital Advisors LLC plans to price a $414.92 million CLO deal, according to an informed source.

In other market activity, Onex Corp. announced that Onex Credit Partners LLC closed on the $420 million OCP CLO 2014-5 Ltd./OCP CLO 2014-5 Corp. private placement offering brought on March 4.

TPG prices $479 million

TPG Global priced $479 million of notes due April 26, 2026 in the TICP CLO I, Ltd./TICP CLO I, LLC deal, according to an informed source.

The CLO sold $283.5 million of class A-1 senior secured floating-rate notes (Aaa//) at Libor plus 160 bps, $10 million of class A-2a senior secured floating-rate notes at Libor plus 230 bps, $40.75 million of class A-2b senior secured floating-rate notes at Libor plus 190 bps and $15 million of 4.397% class A-2c senior secured fixed-rate notes at the top of the capital structure.

The CLO also priced $27.25 million of class B senior secured deferrable floating-rate notes at Libor plus 300 bps; $25 million of class C senior secured deferrable floating-rate notes at Libor plus 330 bps; $22 million of class D senior secured deferrable floating-rate notes at Libor plus 450 bps; $10.5 million of class E senior secured deferrable floating-rate notes at Libor plus 515 bps and $45 million of subordinated notes.

Citigroup Global Markets Inc. arranged the deal.

TICP CLO I Management, LLC, a unit of TPG Institutional Credit Partners, will manage the CLO, which is backed by at least 90% of first-lien senior secured corporate loans and eligible investments.

TPG is a Fort Worth, Texas-based private equity firm.

Canyon Capital offers $414.92 million CLO

Canyon Capital Advisors is marketing $414.92 million of notes due 2025 in the Canyon Capital CLO 2014-1, Ltd./Canyon Capital CLO 2014-1, LLC offering via Citigroup Global Markets Inc., according to an informed source.

The deal is expected to include $260 million of class A-1 senior secured floating-rate notes (Aaa//); $48 million of class A-2 senior secured floating-rate notes (Aa2//); $28 million of class B senior secured deferrable floating-rate notes (A2//); $20 million of class C senior secured deferrable floating-rate notes (Baa3//); $16 million of class D senior secured deferrable floating-rate notes (Ba3//); $7 million of class E senior secured deferrable floating-rate notes (B2//) and $35.92 million of subordinated notes.

The CLO is backed primarily by broadly syndicated first-lien senior secured loans and eligible investments.

The transaction is set to close on April 29.

Los Angeles-based alternative asset manager Canyon Capital Advisors manages two CLOs, including its mostly recently priced $341.5 million Canyon Capital CLO 2012-1, Ltd. vehicle.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.