By Cristal Cody
Tupelo, Miss., Nov. 5 – The TCW Group priced $366 million of notes in a refinancing of a CLO transaction sold earlier in the year, according to market sources.
TCW CLO 2020-1, Ltd./TCW CLO 2020-1 LLC sold $260 million of class A-R floating-rate notes at Libor plus 105 basis points, $50 million of class B-R floating-rate notes at Libor plus 165 bps, $25 million of class C-R deferrable floating-rate notes at Libor plus 235 bps and $17 million of class D-R deferrable floating-rate notes at Libor plus 370 bps.
Jefferies LLC was the refinancing placement agent.
TCW Group subsidiary TCW Asset Management Co. LLC will continue to manage the CLO.
The maturity on the refinanced notes was extended to Oct. 20, 2031 from the original April 20, 2028 maturity.
The refinanced notes have a non-call period ending April 20, 2021.
In the original $285 million CLO issued on April 30, TCW CLO 2020-1 sold $142 million of class A-1 floating-rate notes at Libor plus 230 bps, $20 million of 2.698% class A-F fixed-rate notes, $37.5 million of class B floating-rate notes at Libor plus 360 bps, $17.5 million of class C floating-rate notes at Libor plus 430 bps, $15 million of class D floating-rate notes at Libor plus 450 bps and $53 million of subordinated notes.
Proceeds will be used to redeem the outstanding notes.
The CLO is backed primarily by broadly syndicated first-lien senior secured loans.
The global asset management company is based in Los Angeles.
| Issuer: | TCW CLO 2020-1, Ltd./TCW CLO 2020-1 LLC
|
| Amount: | $366 million refinancing
|
| Maturity: | Oct. 20, 2031
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Jefferies LLC
|
| Manager: | TCW Asset Management Co. LLC
|
| Call feature: | April 20, 2021
|
| Settlement date: | Nov. 19
|
|
|
| Class A-R notes
|
| Amount: | $260 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 105 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $50 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $25 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 235 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $17 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 370 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D-R notes
|
| Amount: | $14 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 796 bps
|
| Rating: | S&P: BB-
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
