THL prices $611.6 million CLO; WhiteHorse refinances 2014 CLO; refinancing pace ‘strong’

By Cristal Cody

Tupelo, Miss., Nov. 3 – New issue and refinancing action remains strong in the CLO market.

THL Credit Advisors LLC brought an upsized $611.6 million of notes in the CLO manager’s fourth new CLO offering of the year.

In the refinancing space, WhiteHorse Lending, LLC, formerly known as H.I.G. WhiteHorse Capital, LLC, priced $479.75 million of notes in a vintage 2014 CLO.

Broadly syndicated CLO issuance totals $95 billion with supply expected to reach $110 billion by the end of the year, Wells Fargo Securities, LLC analysts said in a CLO report released on Friday.

“Refi and reset activity continues to remain strong, with nearly $45 billion in resets settled YTD, and more than $115 billion in refis settled YTD,” the analysts said.

THL upsizes new CLO deal

THL Credit Advisors priced $611.6 million of notes due Nov. 20, 2030 in the new THL Credit Wind River 2017-4 CLO Ltd./THL Credit Wind River 2017-4 LLC transaction, according to a market source on Friday.

The CLO sold $381 million of class A senior secured floating-rate notes at Libor plus 115 bps at the top of the capital structure.

The deal was upsized from $510.5 million.

Morgan Stanley & Co. LLC was the placement agent.

THL Credit Advisors has priced four new CLOs and refinanced five vintage CLOs year to date.

The Boston-based alternative credit investment firm priced two new CLOs and one refinanced CLO in 2016.

WhiteHorse refinances

WhiteHorse Lending priced $479.75 million of notes due May 1, 2026 in the vintage 2014 WhiteHorse VIII Ltd./WhiteHorse VIII LLC CLO offering, according to a market source and a notice of executed first supplemental indenture on Thursday.

The CLO sold $341 million of class A-R senior secured floating-rate notes at Libor plus 90 bps in the senior tranche.

Nomura Securities International, Inc. was the refinancing placement agent.

The original $574.75 million transaction priced on April 16, 2014.

Proceeds were used to redeem the original class A, B, C and D notes at par on Wednesday.

Dallas-based WhiteHorse Capital is the credit affiliate of private equity firm H.I.G. Capital, LLC.

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