Credit Value Partners refinances 2013, 2014 CLOs; ICG Debt Advisors refinances 2014 notes

By Cristal Cody

Tupelo, Miss., March 24 – The CLO refinancing pace continues to remain steady in March.

Credit Value Partners, LLC came to the market to refinance two vintage CLO deals.

Credit Value Partners refinanced $330.25 million of notes from a 2013 CLO and $412.75 million of notes from a vintage 2014 deal.

The CLO manager has refinanced two CLOs year to date and was last in the primary market in 2015.

Also, ICG Debt Advisors LLC refinanced $322 million of notes from a 2014 CLO transaction.

More than $36 billion of U.S. CLOs have been refinanced in 2017, while about $14 billion of new CLOs have priced year to date.

In other market activity, Fitch Ratings said on Friday that retail leveraged loan issuer defaults are forecast to grow to 9% by the end of the year, “however, the impact on U.S. broadly syndicated loan CLOs should be small as they have low exposure to distressed retail loan issuers.”

CVP CLO-1 refinances

Credit Value Partners refinanced $330.25 million of floating-rate notes due Jan. 16, 2026 in three tranches at par from the vintage 2013 CVP Cascade CLO-1 Ltd. deal, a market source said.

The CLO sold $255.25 million of floating-rate notes at Libor plus 115 basis points in the class A-1-R tranche.

Credit Suisse Securities (USA) LLC arranged the transaction.

Credit Value Partners is a Greenwich, Conn.-based investment firm.

CVP CLO-2 refinances

Credit Value Partners refinanced $412.75 million of notes due July 18, 2026 in four tranches at par from the vintage 2014 CVP Cascade CLO-2 Ltd. deal, a market source said.

The CLO sold $316.25 million of class A-1-R floating-rate notes at Libor plus 120 bps at the top of the capital stack

Credit Suisse Securities arranged the transaction.

ICG refinances $322 million

ICG Debt Advisors priced $322 million of notes due Oct. 15, 2026 in the refinancing transaction, according to a market source.

ICG US CLO 2014-2, Ltd./ICG US CLO 2014-2 LLC sold $247 million of class A-R notes at par to yield Libor plus 119 bps in the senior tranche.

Citigroup Global Markets Inc. was the refinancing agent.

ICG Debt Advisors has priced one new CLO and refinanced one vintage CLO year to date.

The New York-based firm, a subsidiary of London-based parent company Intermediate Capital Group plc, priced one CLO offering in 2016.

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