GC sells $411.38 million middle-market CLO; Ares, CVC refinance; GSO/Blackstone offers CLO

By Cristal Cody

Tupelo, Miss., Feb. 21 – GC Investment Management LLC brought a $411.38 middle-market CLO transaction, the second deal to price in the space year to date.

The broadly syndicated CLO market continues to stay busy with refinancing action.

Ares Management LP affiliate Ares CLO Management XXXI, LP refinanced $896.8 million of notes in a vintage 2014 CLO deal.

CVC Credit Partners, LLC refinanced $407 million of notes from a 2013 transaction.

Coming up in new supply, GSO/Blackstone Debt Funds Management LLC plans to price a $611.37 million broadly syndicated CLO.

GC prices $411.38 million

GC Investment Management sold $411.38 of notes due March 8, 2029 at par in the Golub Capital Partners CLO 34(M) Ltd./Golub Capital Partners CLO 34(M) LLC middle-market transaction, according to a source.

The CLO priced $226.1 million of class A-1 floating-rate notes at Libor plus 185 basis points at the top of the capital stack.

Natixis Securities America LLC arranged the offering.

GC Investment Management will manage the CLO, which is collateralized primarily by middle-market senior secured term loans.

GC Investment Management, an affiliate of New York-based middle market lender Golub Capital, priced three CLO deals in 2016.

Ares refinances CLO

Ares CLO Management XXXI refinanced $896.8 million of notes due Aug. 25, 2025 in two tranches from the 2014 Ares XXXI CLO Ltd./Ares XXXI CLO LLC transaction, according to a market source.

The CLO sold $759.9 million of class A-1-R senior floating-rate notes at par to yield Libor plus 118 bps and $136.9 million of class A-2-R senior floating-rate notes at par to yield Libor plus 155 bps.

BofA Merrill Lynch was the refinancing agent.

Proceeds from the refinancing will be used to redeem the original notes at par on Feb. 28.

The deal is collateralized primarily by broadly syndicated first-lien senior secured loans.

Ares Management priced two new CLOs and refinanced two vintage CLOs in 2016.

The alternative asset management firm is based in Los Angeles.

CVC refinances Apidos CLO

CVC Credit Partners refinanced $407 million of CLO notes due Oct. 20, 2025 at par in a vintage 2013 transaction, according to a market source.

Apidos CLO XV/Apidos CLO XV LLC priced $304 million of class A-1-R floating-rate notes at Libor plus 110 bps in the senior tranche.

Citigroup Global Markets Inc. arranged the transaction.

CVC Credit Partners has refinanced two vintage CLOs year to date.

The New York-based subsidiary of London-based CVC Capital Partners Ltd. priced two new CLOs and refinanced two CLOs in 2016.

GSO/Blackstone markets CLO

Coming up, GSO/Blackstone Debt Funds Management plans to price $611.37 million of notes due April 20, 2030 in the Grippen Park CLO Ltd./Grippen Park CLO LLC transaction, according to a market source.

The deal includes $384 million of class A senior secured floating-rate notes (Aaa//AAA); $66 million of class B senior secured floating-rate notes (Aa2); $37.8 million of class C secured deferrable floating-rate notes (A2); $37.8 million of class D secured deferrable floating-rate notes (Baa3); $26.4 million of class E secured deferrable floating-rate notes (Ba3) and $59.37 million of subordinated notes.

Wells Fargo Securities LLC is the placement agent.

The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.

Proceeds from the offering will be used to purchase a $600 million portfolio of mostly senior secured leveraged loans.

GSO/Blackstone priced five new U.S. CLOs and refinanced one vintage CLO in 2016.

The New York City-based firm is a subsidiary of alternative asset manager GSO Capital Partners LP.

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