Benefit Street prices $608.1 million in new CLO; TICP, PineBridge refinance vintage 2014 CLOs

By Cristal Cody

Tupelo, Miss., March 29 – Benefit Street Partners LLC came to the CLO market with a new transaction.

The CLO manager priced $608.1 million of notes.

In the refinancing space, details emerged for two vintage 2014 CLOs that were refinanced.

TICP CLO III Management, LLC sold $437.5 million of notes in its first transaction of 2017.

PineBridge Investments LLC priced $373.75 million of notes in its second refinanced CLO of the year.

In its deal, Benefit Street Partners priced $608.1 million of notes due April 15, 2029 in the Benefit Street Partners CLO XI Ltd./Benefit Street Partners CLO XI LLC deal, according to a market source.

Benefit Street Partners CLO XI sold $387 million of class A-1 floating-rate notes at Libor plus 130 basis points in the AAA-rated slice.

J.P. Morgan Securities LLC arranged the offering.

Meanwhile, TICP CLO III Management refinanced $437.5 million of fixed- and floating-rate global secured notes at par in the vintage 2014 TICP CLO III, Ltd./TICP CLO III, LLC transaction, according to a market source and a notice of revised proposed supplemental indenture and partial redemption by refinancing.

The CLO sold $320 million of class A-R senior secured floating-rate notes at Libor plus 118 bps in the senior tranche.

The notes are due Jan. 20, 2027.

Morgan Stanley & Co. LLC was the refinancing agent.

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