325 Fillmore refinances $534.5 million; Barings refinances 2015-I, 2015-II CLOs

By Cristal Cody

Tupelo, Miss., Oct. 23 – New issue and refinancing action in the U.S. CLO market remains steady in October.

325 Fillmore LLC sold $534.5 million of notes due in a refinancing and reset of a 2014 CLO.

In new issuance, GoldenTree Loan Management LP priced the GoldenTree Loan Management US CLO 2 Ltd./GoldenTree Loan Management US CLO 2 Inc. offering, a source said. Final pricing details were not immediately available.

Euro-denominated refinancing action also has been busier in October.

Barings (UK) Ltd. refinanced two vintage 2015 deals, the Babson Euro CLO 2015-1 BV and the Babson Euro CLO 2015-II.

More than €20 billion of euro-denominated CLOs have been refinanced year to date, according to market sources.

Nearly $90 billion of new issue CLOs have priced, while about $140 billion of vintage CLOs have been refinanced year to date, according to a BofA Merrill Lynch research note released on Monday.

New U.S. issue volume has been “volume robust and secondary market activity fairly light,” BofA Merrill Lynch analysts said in the note.

Primary and secondary spreads tightened over the past week. Mezzanine bonds firmed 25 basis points to 30 bps in secondary trading, the analysts said.

CLO AAA spreads ended on Friday unchanged on the week at Libor plus 110 bps.

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