Barings 2019-I, BlueMountain CLO V and Dryden 73 price new paper; three CLOs refinance

Chicago, Oct. 28 – Monday was active in the collateralized loan obligation market with one new domestic issue, one European deal and four CLOs refinancing vintage paper.

Barings LLC priced its first transaction of 2019 with a middle-market $401.25 million portfolio from issuer Barings Middle Market CLO Ltd. 2019-I.

In the euro market, €358.3 million of new paper came from BlueMountain Fuji EUR CLO V DAC.

Also coming in a euro-denominated transaction, PGIM Ltd. priced €411.75 million of Dryden 73 Euro CLO 2018 BV notes.

Carlyle Global Market Strategies CLO 2016-3, Ltd. is refinancing its entire portfolio for $506.11 million on Nov. 5.

In partial dollar refinancings, Apex Credit CLO 2016 Ltd./Apex Credit CLO 2016 LLC is replacing three classes of notes with new paper for $242 million, and ICG US CLO 2017-1, Ltd. sold $256 million of class A notes.

In its deal, the Barings portfolio contained some variations from the typical CLO pattern in its classes.

Typically there is a rise in the interest rate between the first class of notes and the second class of notes.

In this transaction, the interest rate dipped to Libor plus 140 basis points from Libor plus 175 bps, with the caveat that the lower interest rate on the second class of notes comes with a Libor floor of 200 bps.

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