Brightwood prices CLO; FS KKR resets $512.5 million notes; CSAM refinances tranche

By Cristal Cody

Tupelo, Miss., Dec. 18 – Brightwood SPV Advisors, LLC announced on Friday that it priced a $426.5 million CLO, Brightwood Capital MM CLO 2020-1 Ltd., via Barclays in its first deal of the year.

The manager was last in the primary market on Dec. 23, 2019 with the $305 million Brightwood Capital MM CLO 2019-1 Ltd. deal.

Meanwhile, the CLO refinancing space is remaining active in December.

FS KKR Capital Corp. priced $512.5 million of notes in a refinancing and reset of a vintage 2019 middle-market CLO.

Also, Credit Suisse Asset Management, LLC priced $15 million of notes in a refinancing of a fixed-rate tranche from a 2018 broadly syndicated CLO.

Primary supply year to date includes more than $83 billion of dollar-denominated CLOs, more than €22 billion of euro-denominated CLOs and about $8 billion of middle-market CLO volume, market sources report.

CLO refinancing volume totals more than $32 billion year to date.

In its deal, FS KKR Capital priced $512.5 million of notes in a refinancing and reset of the FS KKR MM CLO 1 Ltd./FS KKR MM CLO 1 LLC transaction, according to market sources.

The CLO sold $281.4 million of class A-1R floating-rate notes at Libor plus 185 bps at the top of the capital stack.

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