TICC Capital closed on its $225 million CLO transaction Wednesday. The senior notes of the CLO were issued by a newly formed special purpose vehicle in which a wholly-owned subsidiary of TICC owns all of the equity.
The senior notes have an initial face amount of $101.25 million. They are rated 'AAA' by Standard & Poor's and Aaa by Moody's Investors Service and have a coupon of Libor plus 225 basis points. The stated maturity date is July 25, 2021 and they are non-callable for three years. The CLO’s reinvestment period is also three years.