TPG brings company’s third deal year to date, prices $409 million CLO; secondary thin

By Cristal Cody

Tupelo, Miss., Sept. 5 – TPG Institutional Credit Partners, LLC affiliate TICP CLO XI Management, LLC sold $409 million of notes in a new CLO offering.

The deal is the company’s third CLO issuance of the year.

Elsewhere, securitized secondary trading has been thin to start the month. On Tuesday, $37.21 million of high-grade CBO/CDO/CLO issues and only $3.96 million of lower-rated securities were traded, according to Trace data.

In the same period a week ago, trading volume included $64.18 million of investment-grade securities and $130.47 million of non-high-grade issues.

TICP CLO XI Management sold $409 million of notes due Oct. 20, 2031 in the new TICP CLO XI, Ltd./TICP CLO XI, LLC transaction, according to details from a market source.

The CLO priced $252 million of class A floating-rate notes at Libor plus 118 basis points in the AAA-rated tranche.

J.P. Morgan Securities LLC was the placement agent.

The transaction is collateralized predominantly by broadly syndicated first-lien senior secured loans.

TPG has issued three new CLOs year to date.

The investment management firm is based in Fort Worth, Texas.

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