By Cristal Cody
Tupelo, Miss., Jan. 28 – TPG Institutional Credit Partners, LLC affiliate TICP CLO XV Management, LLC sold $432.9 million of notes due April 20, 2033 in its first new collateralized loan obligation offering of 2020, according to market sources.
TICP CLO XV, Ltd./TICP CLO XV, LLC priced $267.75 million of class A floating-rate notes at Libor plus 128 basis points; $54.4 million of class B floating-rate notes at Libor plus 170 bps; $25.35 million of class C deferrable floating-rate notes at Libor plus 215 bps; $24.7 million of class D deferrable floating-rate notes at Libor plus 315 bps; $16.8 million of class E floating-rate notes at Libor plus 615 bps and $42.9 million of subordinated notes.
J.P. Morgan Securities LLC was the placement agent.
TICP CLO XV Management will manage the CLO.
The CLO has a two-year non-call period and a five-year reinvestment period.
The transaction is collateralized primarily by broadly syndicated first-lien senior secured loans.
TPG Institutional Credit Partners priced two new CLO transactions in 2019.
The investment management firm is based in Fort Worth.
| Issuer: | TICP CLO XV, Ltd./TICP CLO XV, LLC
|
| Amount: | $432.9 million
|
| Maturity: | April 20, 2033
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | TICP CLO XV Management, LLC
|
| Call feature: | Two years
|
| Pricing date: | Jan. 23
|
| Settlement date: | Feb. 26
|
|
|
| Class A notes
|
| Amount: | $267.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 128 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $54.4 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $26.35 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 215 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $24.7 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 315 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $16.8 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 615 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $42.9 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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