Ballyrock prices $402.83 million CLO; PineBridge eyes euro reprint; loan outflows drop

By Cristal Cody

Tupelo, Miss., June 21 – Ballyrock Investment Advisors LLC priced $402.83 million of notes in the manager’s first CLO deal of 2019.

Ballyrock was last in the primary market in 2018 when it priced one new CLO deal and refinanced one vintage CLO transaction.

Meanwhile, CLO refinancing activity is expected to pick up with several issuers planning to reprice vintage dollar- and euro-denominated notes.

PineBridge Investments Europe Ltd. announced in a market release on Friday that it is “exploring” refinancing the vintage 2016 Euro-Galaxy V CLO BV deal on its next payment date of Aug. 10.

PineBridge Investments Europe sold €411.1 million of notes in the transaction that was issued Nov. 10, 2016. In the original offering, the CLO priced the AAA-rated tranche at Euribor plus 114 basis points.

As previously reported, Bain Capital Credit Ltd. plans to refinance $374.55 million of notes from the vintage 2015 Avery Point CLO VII, Ltd./Avery Point CLO VII, Corp. transaction in an offering expected to close June 27.

Elsewhere, leveraged loan outflows moderated to $380 million for the week ended Wednesday from a $620 million outflow a week earlier, according to a BofA Securities global research note released on Friday.

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