GC sells $411.38 million middle-market CLO; Ares, CVC refinance; GSO/Blackstone offers CLO

By Cristal Cody

Tupelo, Miss., Feb. 21 – GC Investment Management LLC brought a $411.38 middle-market CLO transaction, the second deal to price in the space year to date.

The broadly syndicated CLO market continues to stay busy with refinancing action.

Ares Management LP affiliate Ares CLO Management XXXI, LP refinanced $896.8 million of notes in a vintage 2014 CLO deal.

CVC Credit Partners, LLC refinanced $407 million of notes from a 2013 transaction.

Coming up in new supply, GSO/Blackstone Debt Funds Management LLC plans to price a $611.37 million broadly syndicated CLO.

In its deal, GC Investment Management sold $411.38 of notes due March 8, 2029 at par in the Golub Capital Partners CLO 34(M) Ltd./Golub Capital Partners CLO 34(M) LLC middle-market transaction, according to a source.

The CLO priced $226.1 million of class A-1 floating-rate notes at Libor plus 185 basis points at the top of the capital stack.

Natixis Securities America LLC arranged the offering.

Meanwhile, Ares CLO Management XXXI refinanced $896.8 million of notes due Aug. 25, 2025 in two tranches from the 2014 Ares XXXI CLO Ltd./Ares XXXI CLO LLC transaction, according to a market source.

The CLO sold $759.9 million of class A-1-R senior floating-rate notes at par to yield Libor plus 118 bps and $136.9 million of class A-2-R senior floating-rate notes at par to yield Libor plus 155 bps.

BofA Merrill Lynch was the refinancing agent.

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