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CSAM prices €452.95 million new CLO; Kramer Van Kirk refinances manager’s fifth CLO of year
By Cristal Cody
Tupelo, Miss., May 23 – Credit Suisse Asset Management Ltd. priced €452.95 million of notes in a new euro-denominated collateralized loan obligation offering, according to a market source.
In the U.S. market, Kramer Van Kirk Credit Strategies LP refinanced $493.8 million of notes from a 2015 CLO deal.
CSAM prices
Credit Suisse Asset Management priced €452.95 million of notes due July15, 2030 in a new euro-denominated CLO offering, according to a market source.
Cadogan Square CLO IX DAC sold €220,321,000 of class A-1 senior secured floating-rate notes at Euribor plus 85 basis points in the senior tranche.
Credit Suisse Securities (Europe) Ltd. arranged the transaction.
The CLO is backed primarily by broadly syndicated senior secured loans or senior secured bonds.
Credit Suisse Asset Management is a subsidiary of Zurich-based Credit Suisse AG.
KVK CLO 2015-1 refinances
Kramer Van Kirk Credit Strategies refinanced $493.8 million of notes due May 20, 2027 from the KVK CLO 2015-1 Ltd./KVK CLO 2015-1 LLC transaction, according to a market source and a notice of executed third supplemental indenture on Tuesday.
The CLO sold $387 million of class A-R senior secured floating-rate notes at Libor plus 125 bps in the senior tranche.
Goldman, Sachs & Co. was the refinancing agent.
In the original $612 million transaction, priced in May 2015, the CLO sold $387 million of class A floating-rate notes at Libor plus 158 bps.
Proceeds were used to redeem the original class A, B and C notes.
Kramer Van Kirk credit Strategies has refinanced five vintage CLOs year to date.
The Chicago-based CLO manager priced one new CLO deal in 2016.
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