Chicago, April 4 –TPG Institutional Credit Partners, LLC affiliate TICP CLO XI Management LLC refinanced for $417.35 million the collateralized loan obligation issued by TICP CLO XI Ltd./TICP CLO XI LLC, according to a presale report.
The notes will mature on April 25, 2037.
The refinanced CLO consists of $4 million of class X senior secured floating-rate notes at SOFR plus 110 basis points, $248 million of class A-R senior secured floating-rate notes at SOFR plus 153 bps, $52 million of class B-R senior secured floating-rate notes at SOFR plus 205 bps, $28 million of class C-R senior secured deferrable floating-rate notes at SOFR plus 250 bps, $24 million of class D-R senior secured deferrable floating-rate notes at SOFR plus 370 bps, $14 million of class E-R senior secured deferrable floating-rate notes at SOFR plus 670 bps and $47.35 million of subordinated notes.
TICP CLO XI Management LLC will manage the collateral through the end of the reinvestment period on April 25, 2029.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting April 25, 2026.
The CLO originally priced $252 million of class A floating-rate notes at Libor plus 118 bps; $44.3 million of class B floating-rate notes at Libor plus 173 bps; $20.4 million of class C floating-rate notes at Libor plus 215 bps; $26.2 million of class D floating-rate notes at Libor plus 305 bps; $22.4 million of class E floating-rate notes at Libor plus 600 bps and $43.7 million of subordinated notes.
BofA Securities Inc. was the placement agent.
The investment management firm is based in Fort Worth, Tex.
| Issuer: | TICP CLO XI Ltd./TICP CLO XI LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $417.35 million
|
| Maturity: | April 25, 2037
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Securities Inc.
|
| Manager: | TICP CLO XI Management LLC
|
| Call feature: | April 25, 2026
|
| Pricing date: | April 3
|
| Settlement date: | April 10
|
|
|
| Class X notes
|
| Amount: | $4 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 110 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-R notes
|
| Amount: | $248 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 153 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $52 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 205 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $28 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 250 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 370 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $14 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 670 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $47.35 million
|
| Securities: | Subordinated notes
|
|
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