THL sells $511 million CLO in its second deal of year; high-grade securitized trading thins

By Cristal Cody

Tupelo, Miss., May 18 – THL Credit Advisors LLC priced $612 million of notes in the CLO manager’s second new CLO offering of 2017.

The deal included nine tranches of notes.

About $25 billion of new CLOs have priced year to date, while more than $75 billion of vintage CLOs have been refinanced in 2017, according to market sources.

In the secondary market, trading was light on Wednesday in high-grade securitized issues but up slightly from Tuesday. About $68.86 million of CBO/CDO/CLO issues were traded on Wednesday, compared to $129.13 million of non-investment-grade securities traded during the session, according to the latest data from Trace.

On Tuesday, $54.76 million of investment-grade issues and $128.18 million of non-investment-grade CBO/CDO/CLO securities were traded.

THL Credit Advisors priced $612 million of notes due July 20, 2030 in the new THL Credit Wind River 2017-2 CLO Ltd./THL Credit Wind River 2017-2 LLC transaction, according to a market source.

The CLO sold $325 million of class A floating-rate notes at Libor plus 123 basis points in the senior tranche.

BofA Merrill Lynch was the placement agent.

THL Credit Advisors has priced two new CLOs year to date.

The CLO manager priced two new CLOs and one refinanced CLO in 2016.

The alternative credit investment firm is based in Boston.

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