By Cristal Cody
Tupelo, Miss., July 7 – H.I.G. Capital, LLC priced $414.25 million of notes due July 15, 2026 in a collateralized loan obligation transaction, according to a market source on Monday.
WhiteHorse IX Ltd./WhiteHorse IX LLC sold $252 million of class A senior secured floating-rate notes (Aaa//AAA) at Libor plus 147 basis points; $32.5 million of class B-1 senior secured floating-rate notes (Aa2) at Libor plus 210 bps; $20 million of 4.3% class B-2 senior secured fixed-rate notes (Aa2); $22.75 million of class C deferrable floating-rate notes (A2) at Libor plus 270 bps; $24.25 million of class D deferrable floating-rate notes (Baa3) at Libor plus 360 bps; $19.5 million of class E deferrable floating-rate notes (Ba3) at Libor plus 465 bps; $8.25 million of class F deferrable floating-rate notes (B2) at Libor plus 600 bps and $35 million of subordinated notes.
BofA Merrill Lynch was the placement agent.
H.I.G. WhiteHorse Capital, the credit affiliate am of H.I.G. Capital, will manage the CLO.
Collateral consists primarily of broadly syndicated first-lien senior secured loans.
The CLO has a two-year non-call period and a four-year reinvestment period.
Proceeds from the offering will be used to purchase a $400 million portfolio of mostly leveraged loans.
H.I.G. Capital was in the primary market on April 16 with the $574.75 million WhiteHorse VIII Ltd./WhiteHorse VIII LLC deal.
The Miami-based private equity investment firm priced the $408.9 million WhiteHorse VII Ltd./WhiteHorse VII LLC transaction in 2013.
| Issuer: | WhiteHorse IX Ltd./WhiteHorse IX LLC
|
| Amount: | $414.25 million
|
| Maturity: | July 15, 2026
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Merrill Lynch
|
| Manager: | H.I.G. Capital, LLC
|
| Call feature: | 2016
|
| Pricing date: | July 2
|
| Distribution: | Rule 144A
|
|
|
| Class A notes
|
| Amount: | $252 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 147 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $32.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B-2 notes
|
| Amount: | $20 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 4.3%
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | $22.75 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 270 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $24.25 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 360 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $19.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 465 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Class F notes
|
| Amount: | $8.25 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 600 bps
|
| Rating: | Moody’s: B2
|
|
|
| Equity tranche
|
| Amount: | $35 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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