Bain, Brightwood, Capital Four price; PGIM refinances Dryden 36, 70 notes; Trinitas eyed

By Cristal Cody

Tupelo, Miss., Dec. 23 – Primary and refinancing activity remains strong in the CLO market in December.

New issuance includes $401.2 million of notes from Bain Capital Credit LP in the manager’s fifth CLO offering of the year.

In the middle-market sector, Brightwood SPV Advisors, LLC sold $426.25 million of notes in a new static deal.

Capital Four CLO Management K/S also sold €356.2 million of notes in the manager’s first CLO offering of the year.

In the refinancing space, Prudential Investment Management, Inc. affiliate PGIM, Inc. priced $616 million of notes in a third reprint of a vintage 2014 CLO deal and refinanced $10.6 million of notes from a 2018 CLO.

In addition, Trinitas Capital Management, LLC refinanced $10 million of notes from a vintage 2018 CLO, shaving off 218 basis points from the original coupon.

In other activity on Wednesday, Blackstone Ireland Ltd. closed on its €323.5 million Marino Park CLO DAC deal, which priced the €201.5 million tranche of class A-1 senior secured floating-rate notes at Euribor plus 107 bps.

Also on Wednesday, OPAL BSL LLC settled its $406.75 million new broadly syndicated deal, Golub Capital Partners CLO 52(B) Ltd./Golub Capital Partners CLO 52(B) LLC.

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