Another collateralized loan obligation joins this week's active pipeline, a $410.8 million deal from WhiteHorse Capital dubbed WhiteHorse VII.
RBS is the placement agent on the transaction, which is expected to close next month.
Standard and Poor's assigned preliminary ratings of 'AAA', 'AA', 'A', 'BBB', 'BB-', and 'B' to the A-1L, A-2L, A-3L, B-1L, B-2L, and B-3L notes, respectively. There is also $38.8 million of unrated subordinate notes.
The $238.8 million senior-most A notes are being marketed at three-month Libor plus 130 basis points and the $52.4 million A-2 notes at three-month Libor plus 200 basis points. The remaining four $80.8 million total deferrable tranches are set at three-month Libor plus 325, 400, 500, and 600 basis points, respectively.
WhiteHorse VII is an actively managed cash flow CLO backed by revolving pool of mainly broadly syndicated senior secured loans. The pool has 146 obligators, according to the presale report.
S&P notes that the transaction documents do not allow WhiteHorse to enter into hedges nor consent to any amendment or modification that extends an asset's maturity beyond that of the notes, but can refinance one or more notes in whole, but not in part.
WhiteHorse currently manages five other CLOs.