By Cristal Cody
Tupelo, Miss., Aug. 7 – Tennenbaum Capital Partners LLC affiliate SVOE/MM LLC’s series I priced $350.85 million of notes due Aug. 30, 2029 in a new middle-market collateralized loan obligation transaction, according to a market source.
The TCP Whitney CLO, Ltd. vehicle sold $195 million of class A-1 floating-rate notes at a discount margin of Libor plus 168 basis points, $37 million of class A-2 floating-rate notes with a discount margin of Libor plus 225 bps and $28 million of class B deferrable floating-rate notes with a discount margin of Libor plus 300 bps.
The CLO also sold $24 million of class C deferrable floating-rate notes, $20 million of class D deferrable floating-rate notes and $46.85 million of subordinated notes.
Natixis Securities Americas LLC arranged the transaction.
SVOE/MM will manage the CLO.
The CLO has a two-year non-call period and a four-year reinvestment period.
The deal is backed primarily by middle-market senior secured loans.
Tennenbaum Capital Partners is a Santa Monica, Calif.-based investment management firm.
| Issuer: | TCP Whitney CLO, Ltd.
|
| Amount: | $350.85 million
|
| Maturity: | Aug. 30, 2029
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Middle-market CLO
|
| Placement agent: | Natixis Securities Americas LLC
|
| Manager: | SVOE/MM LLC’s series I
|
| Call feature: | Two years
|
| Pricing date: | Aug. 1
|
| Settlement date: | Aug. 22
|
|
|
| Class A-1 notes
|
| Amount: | $195 million
|
| Securities: | Floating-rate notes
|
| Discount margin: Libor plus 168 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $37 million
|
| Securities: | Floating-rate notes
|
| Discount margin: Libor plus 225 bps
|
| Rating: | S&P: AA
|
|
|
| Class B notes
|
| Amount: | $28 million
|
| Securities: | Deferrable floating-rate notes
|
| Discount margin: Libor plus 300 bps
|
| Rating: | S&P: A-
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Rating: | S&P: BBB
|
|
|
| Class D notes
|
| Amount: | $20 million
|
| Securities: | Deferrable floating-rate notes
|
| Ratings | S&P: BB-
|
|
|
| Equity
|
| Amount: | $46.85 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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