Guggenheim taps CLO; Atlas II refinances; refinancing volume nearly $3 billion to date

By Cristal Cody

Eureka Springs, Ark., Aug. 30 – Guggenheim Partners Investment Management LLC priced $250 million in a third funding of a CLO deal on Tuesday, according to a market source.

Also, Crescent Capital Group LP returned to refinance a second 2012 vintage CLO deal.

Crescent Capital refinanced $350.25 million of notes following a $256 million refinancing transaction at the start of the month.

The deal brings year-to-date refinancing volume to nearly $3 billion from 11 deals, according to market sources.

In the secondary market on Monday, $108.25 million of high-grade CBO/CDO/CLO issues and $105.5 million of non-investment-grade CBO/CDO/CLO securities were traded, Trace reported.

Guggenheim sells $250 million

Guggenheim Partners Investment Management sold $250 million of notes due April 15, 2027 in a third funding of the Guggenheim Private Debt Fund Note Issuer 2.0, LLC deal on Tuesday, according to a market source.

Guggenheim Private Debt Fund Note Issuer 2.0 priced a $90 million series 3 leverage tranche at Libor plus 250 basis points in the senior tranche.

Guggenheim last issued $250 million of notes in the deal on July 8. Guggenheim originally sold $500 million of notes in the CLO on Sept. 25, 2015. The CLO manager may raise up to $2 billion of commitments from investors to fund the deal through seven funding dates during the investment period.

The CLO will invest in a portfolio of broadly syndicated loans and middle-market private debt investments.

The investment management firm and subsidiary of Guggenheim Partners, LLC is based in Santa Monica, Calif.

Crescent Capital refinances

Crescent Capital Group refinanced $350.25 million of notes due Jan. 30 2024 in the Atlas Senior Loan Fund II, Ltd. transaction, according to market sources.

Atlas Senior Loan Fund II sold $257 million of class A-R senior secured floating-rate notes at Libor plus 123 bps at the top of the capital stack.

The original class A notes priced at Libor plus 143 bps.

Proceeds from the refinancing will be used to redeem the original class A, B, C and D notes.

Crescent Capital previously refinanced $256 million of notes in the Atlas Senior Loan Fund, Ltd. transaction on Aug. 4.

The alternative asset management firm is based in Los Angeles.

© 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.