TCI CAPITAL MANAGEMENT LLC (TCICM) CLOSES TCI-FLATIRON CLO 2018-1 LTD.
NEW YORK, January 29, 2019 – TCI Capital Management LLC (TCICM) announces the closing of a $507.35 million collateralized loan obligation (CLO). The most senior long-term notes are rated Aaa (sf) /AAA (sf) by Moody’s Investors Service, Inc. and Fitch Ratings Inc., respectively, and bear interest at three-month LIBOR plus 1.26%.
The CLO, called TCI-Flatiron CLO 2018-1 Ltd., includes:
- A $75.00 million Aaa (sf) rated Class AN tranche with a coupon of 126 basis points over LIBOR;
- A $245.00 million Aaa (sf) rated Class AL tranche with a coupon of 126 basis points over LIBOR;
- A $52.50 million Aa2 (sf) rated Class B tranche with a coupon of 200 basis points over LIBOR;
- A $24.50 million A2 (sf) rated Class C tranche with a coupon of 261 basis points over LIBOR;
- A $31.75 million Baa3 (sf) rated Class D tranche with coupon of 370 basis points over LIBOR;
- A $31.25 million Ba3 (sf) rated Class E tranche with a coupon of 660 basis points over LIBOR;
- A $47.35 million equity tranche.
TCI Capital Management LLC (TCICM) was established in 2017 and is a specialist in below-investment grade U.S. broadly syndicated loans and CLOs. It commenced operations in 2018 to act as a CLO collateral manager and sponsor for certain CLO investments. It utilises, and has access to, the TFG Asset Management platform, including personnel from Polygon Global Partners and LCM Asset Management LLC. TCICM is an affiliate of Tetragon Financial Group Limited.
Tetragon is a closed-ended investment company that invests in a broad range of assets, including bank loans, real estate, equities, credit, convertible bonds, private equity, infrastructure and TFG Asset Management, a diversified alternative asset management business. Where appropriate, through TFG Asset Management, Tetragon seeks to own all, or a portion, of asset management companies with which it invests in order to enhance the returns achieved on its capital. Tetragon’s investment objective is to generate distributable income and capital appreciation. It aims to provide stable returns to investors across various credit, equity, interest rate, inflation and real estate cycles. The company is traded on Euronext in Amsterdam N.V. and on the Specialist Fund Segment of the main market of the London Stock Exchange. For more information please visit the company’s website at www.tetragoninv.com.
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This release does not contain or constitute an offer to sell or a solicitation of an offer to purchase securities in the United States or any other jurisdiction. The securities of Tetragon have not been and will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States or to U.S. persons unless they are registered under applicable law or exempt from registration. Tetragon does not intend to register any portion of its securities in the United States or to conduct a public offer of securities in the United States. In addition, Tetragon has not been and will not be registered under the U.S. Investment Company Act of 1940, and investors will not be entitled to the benefits of such Act. Tetragon is registered in the public register of the Netherlands Authority for the Financial Markets under Section 1:107 of the Financial Markets Supervision Act as a collective investment scheme from a designated country.