Och-Ziff resets CLO; Bain Capital refinances 2014 notes; CELF refinances 2015 euro CLO

By Cristal Cody

Tupelo, Miss., Aug. 22 – Details emerged on vintage CLOs refinanced in the U.S. and European markets.

Och-Ziff Loan Management LP affiliate OZ CLO Management LLC priced $501.48 million of notes in a refinancing and reset of a 2015 CLO.

Bain Capital Credit, LP refinanced $345 million of notes from a 2014 transaction.

In the euro-denominated market, CELF Advisors LLP refinanced €359.1 million of notes from a 2015 CLO.

Refinancing action has been strong year to date. U.S. refinancing and reset deal volume year to date totals nearly $117 billion, while about €17.3 billion of refinanced and reset euro-denominated CLOs have priced in 2017, according to BofA Merrill Lynch.

OZ refinances $501.48 million

OZ CLO Management sold $501.48 million of notes in a refinancing and reset of the OZLM XI, Ltd./OZLM XI, LLC transaction, according to a market source and a notice of executed first supplemental indenture on Monday.

OZLM XI sold $332.3 million of class A-1-R senior secured floating-rate notes at Libor plus 125 bps at the top of the capital stack.

Citigroup Global Markets Inc. was the refinancing placement agent.

The maturity on the refinanced notes was extended to Oct. 30, 2030 from the original July 22, 2027 maturity.

The reinvestment period, set to end in 2019, was extended to October 2022. The refinanced CLO also has a new two-year non-call period.

In the original $510.5 million transaction priced on Feb. 13, 2015, the CLO sold $302 million of class A-1 floating-rate notes at Libor plus 155 bps.

Och-Ziff has priced two new CLOs and refinanced five vintage CLOs year to date.

The CLO manager refinanced two vintage CLOs in 2016.

The firm is an affiliate of New York City-based alternative asset management Och-Ziff Capital Management Group LLC.

Bain refinances Avery Point

Bain Capital Credit refinanced $345 million of notes due July 17, 2026 from the vintage 2014 Avery Point CLO V, Ltd./Avery Point CLO V, Corp. offering, according to a market source and a notice of executed supplemental indenture on Tuesday.

The CLO priced $252 million of the class A-R senior secured floating-rate notes at Libor plus 98 bps.

GreensLedge Capital Markets LLC was the refinancing agent.

In the original $415.25 million deal priced on June 27, 2014, the CLO sold $152 million of class A floating-rate notes at Libor plus 146 bps.

Bain Capital Credit is an asset management firm based in Boston.

Carlyle Euro CLO refinances

CELF Advisors priced €359.1 million of notes due Sept. 21, 2029 in a refinancing of a 2015 euro-denominated CLO, according to a market source.

Carlyle Euro CLO 2015-2 DAC sold €238,225,000 of refinancing class A-1A senior secured floating-rate notes at Euribor plus 73 bps in the senior tranche.

Citigroup Global Markets Ltd. arranged the transaction.

CELF originally priced the €414.3 million CLO on July 10, 2015. The CLO sold €238,225,000 of the class A-1A floating-rate notes at Euribor plus 135 bps.

CELF Advisors has priced two new euro CLOs and refinanced three vintage CLOs year to date.

In 2016, CELF Advisors was in the primary market with two new CLOs and two refinanced CLOs.

The London-based CLO manager is part of Washington, D.C.-based Carlyle Group LP.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.