Chicago, May 18 – First Eagle Alternative Credit, LLC sold $409.7 million in a new collateralized loan obligation that lists Wind River 2021-2 CLO Ltd./Wind River 2021-2 CLO LLC as co-issuers, according to a pre-sale report.
The CLO matures July 2034.
The portfolio has $240 million of class A-1 senior secured floating-rate notes at Libor plus 112 basis points, $16 million of class A-2 senior secured floating-rate notes at Libor plus 140 bps and $45 million of class B senior secured floating-rate notes at Libor plus 170 bps.
Lower, there are $25 million of class C mezzanine secured deferrable floating-rate notes at Libor plus 200 bps, $26 million of class D mezzanine secured deferrable floating-rate notes at Libor plus 310 bps and $16 million of class E junior secured deferrable floating-rate notes at Libor plus 617 bps.
There are also $41.7 million of subordinated notes.
BNP Paribas Securities Corp. is the underwriter.
First Eagle is the collateral manager through the end of the reinvestment period in July 2026.
The notes can be called starting in June 2023.
Boston-based First Eagle is an alternative credit management firm.
| Issuer: | Wind River 2021-2 CLO Ltd./Wind River 2021-2 CLO LLC
|
| Issue: | Floating-rate and subordinated notes
|
| Amount: | $409.7 million
|
| Maturity: | July 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas Securities Corp.
|
| Manager: | First Eagle Alternative Credit, LLC
|
| Call feature: | June 2023
|
| Settlement date: | June 15
|
|
|
| Class A-1 notes
|
| Amount: | $240 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 112 bps
|
| Rating: | Moody's: Aaa
|
| S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $16 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B notes
|
| Amount: | $45 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $25 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $26 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 310 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $16 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 617 bps
|
| Rating: | Moody's: Ba3
|
|
|
| Subordinated notes
|
| Amount: | $41.7 million
|
| Securities: | Subordinated notes
|
|
|
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