Guggenheim sells €412.2 million CLO; Redding Ridge prices; AMMC CLO refinances again

By Cristal Cody

Tupelo, Miss., May 1 – Guggenheim Partners Europe Ltd. tapped the primary market with a new €412.2 million euro-denominated CLO offering.

The European deal market picked up steam in April with several new transactions and refinanced CLOs brought to market.

European supply is forecast to total €22 billion to €25 billion in 2018 with more than €9 billion of issues priced year to date, a BofA Merrill Lynch note said.

In new U.S. volume, Redding Ridge Asset Management, LLC sold $856.75 million of notes in a broadly syndicated CLO.

Also, American Money Management Corp. priced $452.1 million of notes in a reset and second refinancing of a vintage 2012 CLO.

More than $35 billion of U.S. broadly syndicated CLOs and more than $46 billion of refinanced CLOs have priced year to date, market sources report.

Just in April, nearly $18 billion of vintage U.S. CLOs were refinanced, according to BofA Merrill Lynch.

Guggenheim Partners prices

Guggenheim Partners Europe priced €412.2 million of notes due July 15, 2031 in the Bilbao CLO I DAC transaction, according to a market source.

The CLO sold €206 million of class A-1A senior secured floating-rate notes at Euribor plus 77.5 basis points in the senior tranche.

Citigroup Global Markets Ltd. was the placement agent.

Guggenheim Partners Europe is a Dublin-based subsidiary of global asset manager Guggenheim Partners, LLC.

Redding Ridge taps market

In U.S. primary action, Redding Ridge Asset Management sold $856.75 million of notes due April 15, 2031 in the RR 4 Ltd./RR 4 LLC CLO transaction, according to market sources.

Citigroup Global Markets Inc. was the placement agent.

In 2017, Redding Ridge Asset Management priced two CLOs and refinanced one vintage CLO.

The New York City-based asset management company was established in 2016 by Apollo Global Management, LLC.

American Money reprices

In the refinancing space, American Money Management priced $452.1 million of notes in a reset and second refinancing of a vintage 2012 CLO offering, according to a market source and a notice of executed supplemental indenture and amendment to subordinated note issuing and paying agency agreement.

AMMC CLO XI, Ltd./AMMC CLO XI Corp. placed $216.6 million of the class A-1-R2 senior secured floating-rate notes at Libor plus 101 bps at the top of the capital stack.

SG Americas Securities LLC was the refinancing placement agent.

The reset notes are due April 30, 2031.

The original CLO was issued Oct. 17, 2012 and was first refinanced Oct. 31, 2016.

In the first refinancing, AMMC CLO XI sold $192.4 million of class A-1-RL loans at Libor plus 140 bps.

American Money Management priced one new CLO and refinanced two vintage CLOs in 2017.

The Cincinnati-based firm is a subsidiary of insurance holding company American Financial Group, Inc.

© 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.