Aegon issues $357.05 million CLO; TCW, Octagon refinance CLOs; Brigade refinances CDO

By Cristal Cody

Tupelo, Miss., Nov. 5 – Aegon USA Investment Management LLC issued $357.05 million of notes in the manager’s first broadly syndicated CLO transaction of the year.

Meanwhile, the TCW Group priced $366 million of notes in a refinancing of a CLO transaction that was originally brought to the market in April.

Octagon Credit Investors, LLC refinanced $10 million of fixed-rate notes from a 2017 broadly syndicated CLO.

In addition, Brigade Capital Management, LP refinanced $98 million of notes from a vintage 2018 CDO offering.

In other activity, Barings (UK) Ltd. closed Thursday on its previously reported €452.8 million Barings Euro CLO 2020-1 DAC deal, which priced €279 million of the class A senior secured floating-rate notes at Euribor plus 110 basis points.

Also on Thursday, CBAM CLO Management Europe LLC wrapped its €301.23 million Bastille Euro CLO 2020-3 DAC offering, which placed €186 million of the class A floating-rate notes at Euribor plus 115 bps.

New issue supply this year includes about $70 billion of dollar-denominated broadly syndicated CLO volume and more than €17 billion of euro-denominated issuance year to date, according to market sources.

More than $30 billion of vintage CLO notes have been refinanced this year.

Cedar Funding CLO prints

Aegon USA Investment Management issued $357.05 million of notes due Oct. 25, 2032 in the new offering, according to market sources.

Cedar Funding XII CLO Ltd./Cedar Funding XII CLO LLC sold $217 million of class A floating-rate notes at Libor plus 127 bps at the top of the capital stack.

J.P. Morgan Securities LLC arranged the transaction.

The transaction is backed primarily by broadly syndicated first-lien senior secured loans.

Aegon priced three new CLOs in 2019.

The Cedar Rapids, Iowa-based firm is part of The Hague, Netherlands-based Aegon Group.

TCW prices $366 million

The TCW Group priced $366 million of notes in four tranches in a refinancing of a 2020 CLO transaction, according to market sources.

TCW CLO 2020-1, Ltd./TCW CLO 2020-1 LLC sold $260 million of the class A-R floating-rate notes at Libor plus 105 bps.

Jefferies LLC was the refinancing placement agent.

TCW Group subsidiary TCW Asset Management Co. LLC will continue to manage the CLO.

The maturity on the refinanced notes was extended to Oct. 20, 2031 from the original April 20, 2028 maturity.

In the original $285 million CLO issued on April 30, TCW CLO 2020-1 sold $142 million of class A-1 floating-rate notes at Libor plus 230 bps.

The CLO is backed primarily by broadly syndicated first-lien senior secured loans.

The global asset management company is based in Los Angeles.

Octagon reprices notes

Octagon Credit Investors refinanced $10 million of fixed-rate notes from the Octagon Investment Partners 32, Ltd./Octagon Investment Partners 32, LLC broadly syndicated CLO transaction, according to market sources.

The CLO sold $10 million of 2.2% class B-2-R senior secured fixed-rate notes due July 16, 2029 (Aa2).

The tranche was refinanced 156 bps tighter than where the class B-2 senior secured fixed-rate notes were issued in the original $511.5 million offering on Aug. 30, 2017.

Goldman Sachs & Co. LLC was the refinancing agent.

The CLO is backed primarily by broadly syndicated senior secured corporate loans.

Octagon Credit Investors is a New York-based credit investment firm that is majority owned by Conning & Co.

Brigade refinances CLO

In other refinancing action, Brigade Capital Management repriced $98 million of notes due April 25, 2036 from a vintage 2018 CDO, according to a market source.

Brigade Debt Funding I Ltd. sold $52 million of 3.25% class B-R fixed-rate notes in the senior secured tranche.

The CDO was originally issued on March 14, 2018.

GreensLedge Capital Markets LLC was the refinancing agent.

The CDO is backed primarily by corporate bonds and loans.

Brigade Capital is an investment adviser firm based in New York.

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