Chicago, Nov. 1 – Sixth Street CLO XXI Management LLC sold $402.9 million in a collateralized loan obligation being issued by Sixth Street CLO XXI Ltd./Sixth Street CLO XXI LLC, according to a presale report.
The notes will mature on Oct. 15, 2035.
The CLO consists of $171.5 million of class A floating-rate loans at SOFR plus 210 basis points, $84.5 million of class A senior secured floating-rate notes at SOFR plus 210 bps, $45.6 million of class B senior secured floating-rate notes at SOFR plus 300 bps, $24 million of class C senior secured deferrable floating-rate notes at SOFR plus 390 bps, $22.4 million of class D senior secured deferrable floating-rate notes at SOFR plus 510 bps, $12.4 million of class E senior secured deferrable floating-rate notes at SOFR plus 895 bps and $42.5 million of subordinated notes.
Sixth Street CLO XXI Management LLC will manage the collateral through the end of the reinvestment period on Oct. 15, 2027.
Collateral for the notes consists of senior secured term loans.
The notes can be called starting Oct. 15, 2024.
BofA Securities Inc. was the placement agent.
Sixth Street is a global investment firm based in San Francisco.
| Issuer: | Sixth Street CLO XXI Ltd./Sixth Street CLO XXI LLC
|
| Issue: | Floating-rate loans, floating-rate notes and subordinated notes
|
| Amount: | $402.9 million
|
| Maturity: | Oct. 15, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Securities Inc.
|
| Manager: | Sixth Street CLO XXI Management LLC
|
| Call feature: | Oct. 15, 2024
|
| Settlement date: | Nov. 17
|
|
|
| Class A loans
|
| Amount: | $171.5 million
|
| Securities: | Floating-rate loans
|
| Coupon: | SOFR plus 210 bps
|
|
|
| Class A notes
|
| Amount: | $84.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 210 bps
|
|
|
| Class B notes
|
| Amount: | $45.6 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 300 bps
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 390 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $22.4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 510 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $12.4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 895 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $42.5 million
|
| Securities: | Subordinated notes
|
|
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