GoldenTree prints $602.9 million; Benefit Street reprices; First Eagle refinances CLO

By Cristal Cody

Tupelo, Miss., July 30 – GoldenTree Loan Management LP priced $602.9 million of notes in the manager’s second CLO transaction of 2019.

Meanwhile, Benefit Street Partners LLC priced a $460 million refinancing of a 2016 broadly syndicated CLO offering.

Also in refinancing activity, First Eagle Private Credit, LLC sold $256.6 million of notes in a reprint and renaming of a vintage 2015 middle-market CLO deal.

More than $70 billion of new broadly syndicated and middle-market CLOs have priced year to date, while about $30 billion of vintage CLOs have been refinanced, according to market sources.

GoldenTree prices US CLO

GoldenTree Loan Management priced $602.9 million of notes due Oct. 20, 2032 in the new CLO offering, according to a market source.

GoldenTree Loan Management US CLO 5 Ltd./GoldenTree Loan Management US CLO 5 Inc. priced $381 million of the class A floating-rate notes at Libor plus 130 basis points at the top of the capital stack.

Wells Fargo Securities, LLC was the structuring lead placement agent.

Morgan Stanley & Co. LLC and BofA Securities, Inc. were co-lead managers.

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

GoldenTree Asset Management has priced two new CLOs year to date.

The private investment firm is based in New York City.

Benefit Street reprices

Benefit Street Partners priced $460 million of notes due Jan. 15, 2029 in a refinancing of a 2016 vintage CLO transaction, according to a notice of revised proposed first supplemental indenture.

Benefit Street Partners CLO X Ltd./Benefit Street Partners CLO X LLC sold $320 million of the class A-1-R senior secured floating-rate notes at Libor plus 114 bps.

Citigroup Global Markets Inc. was the refinancing placement agent.

In the original $510.52 million CLO offering issued Dec. 20, 2016, the CLO priced $320 million of class A-1 senior secured floating-rate notes at par to yield Libor plus 149 bps.

Proceeds will be used to redeem the outstanding notes.

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

Benefit Street Partners has priced one new issue and refinanced two vintage CLOs year to date.

The New York City-based credit investment arm of Providence Equity Partners LLC priced three new CLO deals in 2018.

First Eagle refinances

First Eagle Private Credit sold $256,583,540 of notes due Jan. 25, 2027 in the middle-market CLO refinancing, according to a market source and a notice of executed first supplemental indenture.

First Eagle Clarendon Fund CLO LLC, previously called NewStar Clarendon Fund CLO LLC, priced $188,383,544 of class A-R senior secured floating-rate notes at Libor plus 130 bps in the senior tranche.

Citigroup was the refinancing placement agent.

First Eagle Private Credit, which changed its name from NewStar Financial, Inc., will manage the CLO.

The original transaction was issued Jan. 15, 2015.

Proceeds were used to redeem the outstanding notes.

The middle-market CLO is backed primarily by small and medium enterprise loans.

Boston-based First Eagle Private Credit is an investment management company.

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