Bain Capital prices $611.3 million CLO; Symphony refinances $460 million issue

By Cristal Cody

Tupelo, Miss., April 18 – CLO new issue and refinancing action remains steady in the U.S. primary market.

Details emerged on a new $611.3 million CLO that Bain Capital Credit Ltd. priced in its first deal of the year.

Looking at the refinancing space, Symphony Asset Management LLC reset $460 million of notes from a 2016 CLO.

In its deal, Bain Capital Credit priced $611.3 million of notes due April 2031 in its new deal, according to a market source.

Bain Capital Credit CLO 2018-1 Ltd./Bain Capital Credit CLO 2018-1 LLC sold $341.4 million of class A-1 floating-rate notes at Libor plus 96 basis points at the top of the capital stack.

Citigroup Global Markets Inc. was the placement agent.

Bain Capital Credit is an asset management firm based in Boston.

Meanwhile, Symphony Asset Management refinanced $460 million of notes due April 2028 from the 2016 Symphony CLO XVII, Ltd./Symphony CLO XVII, LLC transaction, according to a market source and a notice of executed second supplemental indenture on Tuesday.

The CLO priced $320.75 million of class A-R senior floating-rate notes at Libor plus 88 bps in the senior tranche.

BofA Merrill Lynch arranged the transaction.

The reset CLO has a one-year non-call period and a two-year reinvestment period.

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