Romark, PPM, Teachers Advisors, Octagon, American Money refinance CLOs; outflows rise

By Cristal Cody

Tupelo, Miss., Sept. 25 – The CLO refinancing space has been steady in September with five more managers repricing vintage notes.

Romark CLO Advisors LLC priced $23 million of notes in a partial refinancing of a refinanced 2018 CLO.

PPM Loan Management Co., LLC refinanced $19 million of notes from a 2018 CLO.

Teachers Advisors LLC priced $17 million of notes in a partial second refinancing of a vintage 2016 deal.

Octagon Credit Investors, LLC refinanced $22.5 million of notes in a partial second refinancing of a 2016 CLO.

Also, American Money Management Corp. priced $30 million of notes in a partial third refinancing of a vintage 2012 CLO offering.

About $53 billion of new CLOs have priced year to date, while about $28 billion of vintage CLOs have been refinanced, according to market sources.

CLO issuance is forecast to top out at $80 billion for the year with as little as $60 billion anticipated, according to a Wells Fargo Securities, LLC report on Friday.

Elsewhere, leveraged loan fund outflows climbed to $261 million for the past week ended Wednesday, up from $17.4 million of outflows in the prior week, according to a Fitch Ratings report on Friday.

Year-to-date net outflows total $19.6 billion.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.