By Cristal Cody
Tupelo, Miss., Jan. 28 – TPG Institutional Credit Partners, LLC affiliate TICP CLO XV Management, LLC sold $432.9 million of notes due April 20, 2033 in its first new collateralized loan obligation offering of 2020, according to market sources.
TICP CLO XV, Ltd./TICP CLO XV, LLC priced $267.75 million of class A floating-rate notes at Libor plus 128 basis points; $54.4 million of class B floating-rate notes at Libor plus 170 bps; $25.35 million of class C deferrable floating-rate notes at Libor plus 215 bps; $24.7 million of class D deferrable floating-rate notes at Libor plus 315 bps; $16.8 million of class E floating-rate notes at Libor plus 615 bps and $42.9 million of subordinated notes.
J.P. Morgan Securities LLC was the placement agent.
TICP CLO XV Management will manage the CLO.
The CLO has a two-year non-call period and a five-year reinvestment period.
The transaction is collateralized primarily by broadly syndicated first-lien senior secured loans.
TPG Institutional Credit Partners priced two new CLO transactions in 2019.
The investment management firm is based in Fort Worth.
Issuer: | TICP CLO XV, Ltd./TICP CLO XV, LLC
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Amount: | $432.9 million
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Maturity: | April 20, 2033
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Securities: | Floating-rate and subordinated notes
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Structure: | Cash flow CLO
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Placement agent: | J.P. Morgan Securities LLC
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Manager: | TICP CLO XV Management, LLC
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Call feature: | Two years
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Pricing date: | Jan. 23
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Settlement date: | Feb. 26
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Class A notes
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Amount: | $267.75 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 128 bps
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Rating: | S&P: AAA
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Class B notes
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Amount: | $54.4 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 170 bps
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Rating: | S&P: AA
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Class C notes
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Amount: | $26.35 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 215 bps
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Rating: | S&P: A
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Class D notes
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Amount: | $24.7 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 315 bps
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Rating: | S&P: BBB-
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Class E notes
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Amount: | $16.8 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 615 bps
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Rating: | S&P: BB-
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Equity
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Amount: | $42.9 million
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Securities: | Subordinated notes
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Ratings: | Non-rated
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