GoldenTree, Neuberger reprice CLOs; CVC plans second refinancing; reprint supply active

By Cristal Cody

Tupelo, Miss., Feb. 10 – CLO refinancing activity is picking up and expected to remain active over February.

GoldenTree Loan Management LP sold $616 million of notes in a refinancing of a 2017 CLO deal.

Neuberger Berman Investment Advisers LLC priced $368 million of notes in a second refinancing of a vintage 2013 CLO.

Coming up, CVC Credit Partners, LLC plans to refinance notes from a 2016 CLO.

Last week saw at least six new refinancing transactions, bringing year-to-date volume to $8.5 billion, according to a BofA Securities, Inc. global research note released on Monday.

Refinancing volume got a boost from a $2.15 billion refinancing transaction from Apollo Credit Management (CLO) LLC called ALM 2020 Ltd. that is a combination of four vintage CLOs, sources report. Final pricing details were not immediately available.

“Looking ahead, we continue to see a heavy refi pipeline of $5 [billion] over 10 deals,” the BofA Securities report said.

GoldenTree prices

GoldenTree Loan Management sold $616 million of notes due April 20, 2029 in a partial refinancing of a 2017 CLO deal, according to a market source.

GoldenTree Loan Management US CLO 1 Ltd./GoldenTree Loan Management US CLO 1 Inc. priced $428.75 million of class A-R senior secured floating-rate notes at Libor plus 95 basis points in the AAA-rated tranche.

BofA Securities was the refinancing placement agent.

GoldenTree Loan Management, part of GoldenTree Asset Management, LP, is the CLO manager.

In the original $710.65 million offering issued April 11, 2017, the CLO sold $428.75 million of the class A senior secured floating-rate notes at Libor plus 122 bps.

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

The private investment firm is based in New York City.

Neuberger Berman prints

Neuberger Berman Investment Advisers priced $368 million of notes due Jan. 28, 2030 in a second refinancing of the vintage 2013 Neuberger Berman CLO XIV, Ltd./Neuberger Berman CLO XIV LLC transaction, according to a notice of revised proposed third supplemental indenture on Friday.

The CLO priced $252.8 million of class A-R2 senior secured floating-rate notes at Libor plus 103 bps at the top of the capital structure.

Citigroup Global Markets Inc. was the refinancing agent.

In the original $413.19 million transaction issued on May 10, 2013, the CLO sold $217 million of class A-1 senior secured floating-rate notes at Libor plus 113 bps and $35 million of class A-2 senior secured floating-rate notes (Aaa) at Libor plus 113 bps in the senior tranches.

The CLO was refinanced for the first time on April 28, 2017.

The deal is backed predominantly by broadly syndicated first-lien senior secured corporate loans.

The Chicago-based firm is part of Neuberger Berman Group, LLC.

CVC to refinance CLO

CVC Credit Partners plans to refinance notes from the vintage Apidos CLO XXIII/Apidos CLO XXIII LLC CLO offering, according to a notice of proposed supplemental indenture on Friday.

Barclays is the refinancing placement agent.

The original $499.88 million offering was issued Jan. 14, 2016.

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

CVC Credit Partners is a New York City-based subsidiary of London-based CVC Capital Partners Ltd.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.