Bain Capital prices $509.7 million CLO reset; CSAM closes refinancing; secondary light

By Cristal Cody

Tupelo, Miss., Sept. 22 – In new refinancing activity, Bain Capital Credit Ltd. priced $509.7 million of notes and preferred shares in a refinancing and reset of a 2015 CLO.

Also, Credit Suisse Asset Management, LLC closed Friday on its previously reported $519 million refinancing and rest of a 2007 CLO transaction.

About $120 billion of vintage CLOs have been refinanced or reset year to date, according to market sources.

In other activity, securitized secondary trading has been light over the week, a source said.

On Thursday, $97.93 million of investment-grade CBO/CDO/CLO issues and $89.51 million of non-investment-grade securities traded, Trace reported.

High-grade securitized trading volume totaled $36.52 million on Wednesday, while $114.35 million of lower-rated securities were traded.

On Tuesday, $23.78 million of investment-grade issues and $75.83 million of non-investment-grade securities traded.

Secondary market volume was too light on Monday to register, according to Trace.

Bain Capital refinances

Bain Capital Credit priced $509.7 million of notes and preferred shares in a refinancing and reset of the vintage 2015 Race Point IX CLO Ltd./Race Point IX CLO Corp. offering, according to a market source and a notice of executed supplemental indenture on Thursday.

The CLO sold $285 million of class A-1A-R floating-rate notes at Libor plus 121 basis points at the top of the capital structure.

Citigroup Global Markets Inc. arranged the refinancing.

The maturity on the refinanced notes was extended to Oct. 15, 2030 from the original April 2027 maturity.

The original $506.9 million deal priced on Feb. 13, 2015. The CLO sold $323.1 million of class A-1 floating-rate notes at Libor plus 151 bps.

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

CSAM closes

Credit Suisse Asset Management closed Friday on its previously reported $519 million refinancing and rest of the vintage 2007 Madison Park Funding IV Ltd. transaction, according to a market source.

According to additional deal details, the renamed Madison Park Funding XXVI Ltd./Madison Park Funding XXVI (Delaware) Corp. priced $305 million of class A-R floating-rate notes at Libor plus 120 bps in the senior tranche.

J.P. Morgan Securities LLC was the refinancing placement agent.

The maturity on the floating-rate notes was extended to July 29, 2030 from the original March 22, 2021 maturity.

Credit Suisse Asset Management has priced one new dollar-denominated CLO and refinanced seven vintage U.S. CLOs year to date.

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

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