Mariner resets $460.5 million short-duration CLO notes; Ballyrock refinances 2014 floaters

By Cristal Cody

Tupelo, Miss., April 7 – Details emerged for two more refinanced CLOs.

Mariner Investment Group, LLC priced $460.5 million of notes in a reset of its short-duration 2015 CLO transaction.

Ballyrock Investment Advisors LLC refinanced $348 million of notes from a vintage 2014 deal.

More than $45 billion of U.S. CLOs have been refinanced year to date.

Refinancing action is expected to be steady through early fall, according to market sources.

In its deal, Mariner Investment Group refinanced $460.5 million of notes in a reset of a vintage 2015 CLO transaction, according to a market source.

Mariner CLO 2015-1 LLC sold $320 million of class A-R floating-rate notes at Libor plus 129 basis points in the AAA-rated tranche.

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

The maturity on the refinanced notes was extended to April 20, 2029 from the original April 20, 2023 maturity.

Mariner Investment Group priced one CLO offering in 2016.

The alternative asset management firm is based in New York City.

Meanwhile, Ballyrock Investment Advisors priced $348 million of notes due Oct. 20, 2026 in a refinancing of a vintage 2014 CLO deal, according to a market source.

Ballyrock CLO 2014-1 Ltd./Ballyrock CLO 2014-1 LLC sold $251 million of class A-1-R floating-rate notes at par to yield Libor plus 115 bps at the top of the capital structure.

Citigroup Global Markets Inc. arranged the offering.

The investment management firm is based in Boston.

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