By Cristal Cody
Tupelo, Miss., June 8 – WhiteHorse Capital Management, LLC priced $389 million of notes due April 2027 in the vintage 2015 WhiteHorse X Ltd./WhiteHorse X LLC collateralized loan obligation offering, according to a second notice of revised proposed first supplemental indenture on Thursday.
The CLO sold $299 million of class A-1-R senior secured floating-rate notes at Libor plus 93 basis points, $35.75 million of B-1-R senior secured floating-rate notes at Libor plus 170 bps, $26.75 million of class C-R mezzanine secured deferrable floating-rate notes at Libor plus 215 bps and $27.5 million of class D-R mezzanine secured deferrable floating-rate notes at Libor plus 300 bps.
BofA Merrill Lynch was the refinancing placement agent.
WhiteHorse Capital Management is the CLO manager.
In the original $512.7 million transaction issued April 16, 2015, the CLO sold $299 million of class A-1 senior secured floating-rate notes at Libor plus 143 bps; $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.
Proceeds will be used to redeem the original notes.
The CLO is backed by broadly syndicated first-lien senior secured corporate loans.
Dallas-based WhiteHorse Capital is the credit affiliate of private equity firm H.I.G. Capital, LLC.
| Issuer: | WhiteHorse X Ltd./WhiteHorse X LLC
|
| Amount: | $389 million refinancing
|
| Maturity: | April 2027
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | BofA Merrill Lynch
|
| Manager: | WhiteHorse Capital Management, LLC
|
| Call feature: | Dec. 18, 2018
|
| Settlement date: | June 18
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-1-R notes
|
| Amount: | $299 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 93 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
|
|
| Class B-1-R notes
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| Amount: | $35.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class C-R notes
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| Amount: | $26.75 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
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| Coupon: | Libor plus 215 bps
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| Rating: | Moody’s: A2 expected
|
|
|
| Class D-R notes
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| Amount: | $27.5 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Rating: | Moody’s: Baa3 expected
|
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