Chicago, March 24 – First Eagle Alternative Credit, LLC sold $528.5 million of notes due April 20, 2034 in a new collateralized loan obligation offering issued by Wind River 2021-1 CLO Ltd./Wind River 2021-1 CLO LLC, according to a pre-sale report.
The portfolio includes $310 million of class A senior secured floating-rate notes at Libor plus 110 basis points, $60 million of class B-1 senior secured floating-rate notes at Libor plus 145 bps and $10 million of class B-2 2.64% senior secured fixed-rate notes.
Lower, there are $30 million of class C senior secured deferrable floating-rate notes at Libor plus 195 bps, $58.5 million of class D senior secured deferrable floating-rate notes at Libor plus 225 bps and $19 million of class E senior secured deferrable floating-rate notes at Libor plus 500 bps.
There are also $37 million of subordinated notes.
The portfolio has two years of call protection.
BofA Securities Inc. is the initial purchaser.
First Eagle Alternative Credit will manage collateral for the portfolio through the end of the reinvestment period on April 20, 2026.
Collateral for the notes mostly comes from senior secured loans, cash and eligible investments with the great majority of borrowers based in the United States or Canada.
This is First Eagle’s first CLO in 2021.
Boston-based First Eagle is an alternative credit management firm.
| Issuers: | Wind River 2021-1 CLO Ltd./Wind River 2021-1 CLO LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Structure: | Cash flow CLO
|
| Amount: | $528.5 million
|
| Maturity: | April 20, 2034
|
| Agent: | BofA Securities Inc.
|
| Manager: | First Eagle Alternative Credit, LLC
|
| Call: | April 20, 2023
|
| Pricing date: | March 22
|
| Settlement date: | March 25
|
|
|
| Class A notes
|
| Amount: | $310 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 110 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $60 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $10 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.64%
|
| Rating: | S&P: AA
|
|
|
| Class C notes
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| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 195 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
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| Amount: | $58.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 225 bps
|
|
|
| Class E notes
|
| Amount: | $19 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 500 bps
|
|
|
| Subordinated notes
|
| Amount: | $37 million
|
| Securities: | Subordinated notes
|
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