Business News • MarketWire • TICC Announces Pricing of $160 Million CLO Transaction |
TICC Announces Pricing of $160 Million CLO Transaction |
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TICC Announces Pricing of $160 Million CLO Transaction
GREENWICH, CT--(Marketwire - Aug 13, 2012) - TICC Capital Corp. (NASDAQ: TICC) announced today that it has priced the secured notes in a $160,000,000 collateralized loan obligation (CLO) transaction. The secured notes will be issued by a newly formed special purpose vehicle in which TICC owns all of the equity. The secured notes will have an aggregate face amount of $120,000,000 and will be issued in four classes. The class A-1 notes have an initial face amount of $88,000,000, are expected to be rated AAA(sf)/Aaa(sf) by Standard & Poor's Ratings Services (S&P) and Moody's Investors Service, Inc. (Moody's), respectively, and will bear interest at three-month LIBOR plus 1.75%. The class B-1 notes have an initial face amount of $10,000,000, are expected to be rated AA(sf)/Aa2(sf) by S&P and Moody's, respectively, and will bear interest at three-month LIBOR plus 3.50%. The class C-1 notes have an initial face amount of $11,500,000, are expected to be rated A(sf)/A2(sf) by S&P and Moody's, respectively, and will bear interest at three-month LIBOR plus 4.75%. The class D-1 notes have an initial face amount of $10,500,000, are expected to be rated BBB(sf)/Baa2(sf) by S&P and Moody's, respectively, and will bear interest at three-month LIBOR plus 5.75%. The secured notes will have a stated maturity date of August 25, 2023 and will be subject to a two year non-call period. The CLO will have a four year reinvestment period. The anticipated closing date of the transaction is August 23, 2012, and is subject to customary closing conditions.
View More : http://www.marketwire.com/mw/release.do?id=1690061&sourceType=3
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