By Cristal Cody
Tupelo, Miss., Sept. 15 – First Eagle Alternative Credit, LLC priced $413 million of notes due Oct. 20, 2033 in the Wind River 2020-1 CLO Ltd./Wind River 2020-1 LLC transaction, according to a market source.
The CLO sold $244 million of class A senior secured floating-rate notes at Libor plus 143 basis points, $26 million of class B senior secured floating-rate notes at Libor plus 210 bps, $104 million of 2.25% class C mezzanine secured deferrable fixed-rate notes, $8 million of 5% class D-1 junior secured deferrable fixed-rate notes at Libor plus 210 bps, $6 million of non-interest accruing class D-2 junior secured deferrable notes and $25 million of subordinated notes.
Morgan Stanley & Co. LLC was the placement agent.
First Eagle Alternative Credit, which acquired THL Credit Advisors LLC earlier in the year, will manage the CLO.
The CLO has a two-year non-call period and a five-year reinvestment period.
The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.
Boston-based First Eagle is an alternative credit management firm.
| Issuer: | Wind River 2020-1 CLO Ltd./Wind River 2020-1 LLC
|
| Amount: | $413 million
|
| Maturity: | Oct. 20, 2033
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | First Eagle Alternative Credit, LLC
|
| Call feature: | Two years
|
| Settlement date: | Oct. 7
|
|
|
| Class A notes
|
| Amount: | $244 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 143 bps
|
| Ratings: | Moody’s: Aaa
|
| Kroll: AAA
|
|
|
| Class B notes
|
| Amount: | $26 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Ratings: | Moody’s: Aa2
|
| Kroll: AA
|
|
|
| Class C notes
|
| Amount: | $104 million
|
| Securities: | Mezzanine secured deferrable fixed-rate notes
|
| Coupon: | 2.25%
|
| Ratings: | Kroll: BBB-
|
|
|
| Class D-1 notes
|
| Amount: | $8 million
|
| Securities: | Junior secured deferrable fixed-rate notes
|
| Coupon: | 5%
|
| Ratings: | Kroll: BB-
|
|
|
| Class D-2 notes
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| Amount: | $6 million
|
| Securities: | Non-interest junior secured notes
|
| Ratings: | Kroll: BB-
|
|
|
| Equity
|
| Amount: | $25 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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