CSAM, GSO/Blackstone refinance CLOs; high-grade securitized trading volume hits $1.1 billion

By Cristal Cody

Tupelo, Miss., March 9 – Details emerged on two refinanced CLOs that closed on Thursday.

Credit Suisse Asset Management, LLC refinanced $627.49 million of fixed- and floating-rate notes in a vintage 2014 CLO.

GSO/Blackstone Debt Funds Management LLC refinanced $476.85 million of floating-rate notes from a 2014 transaction at par.

More than $29 billion of U.S. CLOs have been refinanced year to date.

In other activity, securitized secondary trading in high-grade CBO/CDO/CLO issues jumped to $1.1 billion on Wednesday, Trace reported. During the session, $167.99 million of non-investment-grade securities were traded.

On Tuesday, $37.51 billion of investment-grade securities were traded, compared to $43.26 million of volume on Monday.

Non-investment-grade secondary market volume totaled $170.7 million on Tuesday, up from $87.34 million of issues traded on Monday.

CSAM refinances CLO

Credit Suisse Asset Management refinanced $627.49 million of fixed- and floating-rate notes due Jan. 20, 2025 in the vintage 2014 Madison Park Funding XIII Ltd. CLO, according to a market source.

The CLO priced $449.49 million of class A-R floating-rate notes at Libor plus 111 basis points in the senior slice.

Deutsche Bank Securities Inc. was the refinancing agent.

Credit Suisse Asset Management, a unit of Credit Suisse Group AG, priced three U.S. CLOs and refinanced one vintage CLO in 2016.

GSO/Blackstone refinances

GSO/Blackstone Debt Funds Management refinanced $476.85 million of notes due Oct. 20, 2026 at par in the vintage 2014 Thacher Park CLO, Ltd./Thacher Park CLO, LLC transaction, according to a market source on Thursday.

The CLO sold $357.5 million of class A-R floating-rate notes at Libor plus 116 bps in the AAA-rated tranche.

BofA Merrill Lynch was the refinancing agent.

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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