TPG Institutional Credit Partners and PineBridge Investments are in the market with two collateralized loan obligations totaling nearly $1 billion, according to presale reports published by Fitch Ratings and Standard & Poor’s.
TPG is preparing to its second CLO, the $515 million TCIP CLO II. Eight tranches of notes will be marketed, including two classes with preliminary AAA’ ratings from Fitch. The $282 million class A-1A notes, offered at three-month Libor plus 145 basis points and the $48 million class A-1B notes, offered at Libor plus 384 basis points. Both classes of notes benefit from a credit enhancement of 35.9%.