THL Senior Credit Strategies is in the market with its fifth collateralized loan obligation, according to a presale report by Standard & Poor’s.
The $416.2 million deal, THL Credit Wind River 2013-1 CLO, consists of:
A $277 million tranche with a preliminary ‘AAA’ rating offered at three-month Libor plus 115 basis points;
A $29.3 million, ‘AA’-rated tranche offered at Libor plus 190 basis points’
A $22 million, ‘AA’-rated tranche offered at 3.45%;
A $38.9 million, ‘A’-rated tranche offered at Libor plus 280 basis points;
A $25.2 million, ‘BBB’-rated tranche offered at Libor plus 240 basis points;
And a $23.8 million, ‘BB’-rated tranche offered at Libor plus 460 basis points.
There is also a $50.9 million unrated tranche of subordinated notes.
Citigroup Global Markets is the initial purchaser.
The deal is non-callable for two years and it has a four-year reinvestment period. It will invest at least 90% of assets in senior secured loans; up to 50% of collateral may consist of covenant-lite loans.
THL Senior Credit Strategies, the manager, has four other CLOs and manages total assets of $2.8 billion.