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CLO reissues pick up; Ivy Hill eyes middle-market reset; Bain Capital, TPG on tap
By Cristal Cody
Tupelo, Miss., July 6 – Heavy refinancing activity is expected by market sources in July, while details emerged on several CLO reissues in the works.
Ivy Hill Asset Management, LP plans to price $391.96 million of notes in a refinancing and reset of a vintage 2015 middle-market CLO.
The Ivy Hill Middle Market Credit Fund X, Ltd. deal includes $2 million of class X-R floating-rate notes (AAA); $221.4 million of class A-1a-R floating-rate notes (AAA); $14 million of class A-1b-R floating-rate notes (/non-rated/) at the top of the capital stack.
Natixis Securities Americas LLC is the refinancing placement agent.
The maturity on the notes, originally due July 24, 2027, will be extended to July 18, 2030.
Bain Capital Credit Ltd. plans to price $405.35 million of notes in a refinancing of a 2016 broadly syndicated CLO.
Also, TPG Institutional Credit Partners, LLC is on deck to refinance $412.37 million of notes in a reset of the TICP CLO V Ltd. broadly syndicated CLO transaction on July 17 via Mizuho Securities USA Inc., according to a market source. The Fort Worth, Texas-based private equity firm originally issued $410.25 million of notes in the offering on July 17, 2016.
About $80 billion of vintage CLOs have been refinanced in the first half of the year, according to market sources.
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