By Cristal Cody
Tupelo, Miss., June 18 – THL Credit Advisors LLC sold $616.25 million of notes due July 20, 2027 in a collateralized loan obligation transaction, according to a market source.
THL Credit Wind River 2015-1 CLO Ltd./THL Credit Wind River 2015-1 LLC priced $384 million of class A senior secured floating-rate notes at Libor plus 150 basis points and $72 million of class B senior secured floating-rate notes at Libor plus 210 bps.
The CLO also sold $37 million of class C secured deferrable floating-rate notes at Libor plus 315 bps; $29.25 million of class D secured deferrable floating-rate notes at Libor plus 425 bps; $20 million of class E-1 secured deferrable floating-rate notes at Libor plus 555 bps; $10 million of class E-2 secured deferrable floating-rate notes at Libor plus 600 bps; $12 million of class F secured deferrable floating-rate notes at Libor plus 685 bps and $52 million of subordinated notes.
Credit Suisse Securities (USA) LLC was the placement agent.
THL Credit Senior Loan Strategies LLC will manage the CLO.
The CLO has a two-year non-call period and a four-year reinvestment period.
The CLO is backed primarily by broadly syndicated first-lien senior secured corporate loans.
Proceeds from the deal will be used to purchase a portfolio of about $600 million of mostly senior secured leveraged loans.
Boston-based THL Credit Advisors brought three CLO transactions in 2014.
| Issuer: | THL Credit Wind River 2015-1 CLO Ltd./THL Credit Wind River 2015-1 LLC
|
| Amount: | $616.25 million
|
| Maturity: | July 20, 2027
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | THL Credit Senior Loan Strategies LLC
|
| Call feature: | Two years
|
| Pricing date: | June 10
|
| Settlement date: | July 9
|
| Distribution: | Rule 144A
|
|
|
| Class A notes
|
| Amount: | $384 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B notes
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| Amount: | $72 million
|
| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 210 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
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| Amount: | $37 million
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| Securities: | Secured deferrable floating-rate notes
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| Coupon: | Libor plus 315 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
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| Amount: | $29.25 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 425 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E-1 notes
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| Amount: | $20 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 555 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Class E-2 notes
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| Amount: | $10 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 600 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Class F notes
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| Amount: | $12 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 685 bps
|
| Rating: | Moody’s: B3
|
|
|
| Equity
|
| Amount: | $52 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
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