By Cristal Cody
Tupelo, Miss., Nov. 3 – WhiteHorse Lending, LLC, formerly known as H.I.G. WhiteHorse Capital, LLC, priced $479.75 million of notes due May 1, 2026 in the vintage 2014 WhiteHorse VIII Ltd./WhiteHorse VIII LLC collateralized loan obligation offering, according to a market source and a notice of executed first supplemental indenture on Thursday.
The CLO sold $341 million of class A-R senior secured floating-rate notes at Libor plus 90 basis points, $174.25 million of B-R senior secured floating-rate notes at Libor plus 145 bps, $33 million of class C-R mezzanine secured deferrable floating-rate notes at Libor plus 195 bps and $31.5 million of class D-R mezzanine secured deferrable floating-rate notes at Libor plus 345 bps.
Nomura Securities International, Inc. was the refinancing placement agent.
WhiteHorse Lending will manage the CLO.
In the original $574.75 million transaction priced on April 16, 2014, the CLO sold $4 million of class X senior secured floating-rate notes at Libor plus 100 bps; $341 million of class A senior secured floating-rate notes at Libor plus 150 bps; $74.25 million of class B floating-rate notes at Libor plus 205 bps; $33 million of class C floating-rate notes at Libor plus 275 bps; $31.5 million of class D floating-rate notes at Libor plus 365 bps; $26.25 million of class E floating-rate notes at Libor plus 455 bps; $12.25 million of class F floating-rate notes at Libor plus 550 bps and $52.5 million of subordinated notes.
Proceeds were used to redeem the original class A, B, C and D notes at par on Wednesday.
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 VIII Ltd./WhiteHorse VIII LLC
|
| Amount: | $479.75 million refinancing
|
| Maturity: | May 1, 2026
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Nomura Securities International, Inc.
|
| Manager: | WhiteHorse Lending, LLC
|
| Settlement date: | Nov. 1
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-R notes
|
| Amount: | $342 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 90 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-R notes
|
| Amount: | $74.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C-R notes
|
| Amount: | $33 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 195 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D-R notes
|
| Amount: | $31.5 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 345 bps
|
| Rating: | Moody’s: Baa3
|
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