Carlyle refinances manager’s third CLO of 2017; non-investment-grade secondary volume up

By Cristal Cody

Tupelo, Miss., March 8 – Carlyle Investment Management LLC refinanced its third vintage U.S. CLO deal of the year.

The CLO manager priced $537.4 million of notes in a refinancing of a vintage 2014 deal.

More than $28 billion of U.S. CLOs have been refinanced year to date.

In the secondary market, trading was thin in high-grade issues and stronger in non-investment-grade securities during the previous session, according to Trace.

On Tuesday, $37.51 billion of investment-grade securities and $170.7 million of lower-rated securities were traded.

During Monday’s session, $43.26 million of high-grade CBO/CDO/CLO issues and $87.34 million of non-investment-grade issues traded.

Carlyle refinances CLO

Carlyle Investment Management priced $537.4 million of notes due Aug. 17, 2026 at par in a refinancing of the Carlyle Global Market Strategies CLO 2014-3 Ltd. transaction, according to a market source.

Carlyle Global Market Strategies CLO 2014-3 sold $359.4 million of class A-1A-R floating-rate notes at Libor plus 115 basis points at the top of the capital stack.

Morgan Stanley & Co. LLC arranged the refinancing.

Carlyle has refinanced three vintage U.S. CLOs year to date.

The asset management firm and affiliate of Washington, D.C.-based Carlyle Group priced four new U.S. CLOs and refinanced five vintage CLOs in 2016.

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