CSAM refinances firm’s third CLO of year; Palmer Square, Cutwater refinance vintage CLOs

By Cristal Cody

Tupelo, Miss., March 23 – Credit Suisse Asset Management, LLC refinanced $863.75 million of notes in the CLO manager’s third refinancing deal of the year.

In other refinancing action, Palmer Square Capital Management LLC sold $468.49 million of notes in a refinancing and reset of a vintage 2013 CLO, the firm’s first transaction of 2017.

Also, details emerged for Cutwater Investor Services Corp.’s transaction, the CLO manager’s first deal in the CLO market since 2015. Cutwater refinanced $345.8 million of notes from a vintage 2014 CLO.

More than $36 billion of U.S. CLOs have been refinanced year to date, compared to $37.49 billion of CLOs refinanced in 2016, according to market sources.

CSAM refinances CLO

Credit Suisse Asset Management refinanced $863.75 million of floating-rate notes due Oct. 23, 2025 at par in the vintage 2014 Atrium XI/Atrium XI LLC deal, according to a market source.

The CLO priced $602.25 million of floating-rate notes at Libor plus 114 basis points in the class A-1-R tranche.

Citigroup Global Markets Inc. was the refinancing agent.

Credit Suisse Asset Management has refinanced three CLOs year to date.

The Credit Suisse Group AG unit priced three U.S. CLOs and refinanced one vintage CLO in 2016.

Palmer Square brings reset

Palmer Square Capital Management sold $468.49 million of notes in a refinancing and reset of a vintage 2013 CLO offering, according to a market source.

Palmer Square CLO 2013-2, Ltd./Palmer Square CLO 2013-2, LLC priced $280 million of class A-1a-R floating-rate notes at Libor plus 122 bps at the top of the capital stack.

J.P. Morgan Securities LLC arranged the transaction.

The maturity on the refinanced notes was extended by two years to Oct. 17, 2027.

Palmer Square Capital priced two CLO deals in 2016.

The CLO manager is based in Leawood, Kan.

Cutwater refinances floaters

Cutwater Investor Services priced $345.8 million of notes due Jan. 15, 2027 in a refinancing of a vintage 2014 CLO offering, according to a market source.

Cutwater 2014-II, Ltd./Cutwater 2014-II, LLC sold $258.1 million of class A-1-R floating-rate notes at Libor plus 123 bps at the top of the capital structure.

Natixis Securities Americas LLC arranged the deal.

Cutwater was last in the CLO primary market in 2015.

The investment management firm is based in New York City.

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