Hildene refinances $243.8 million CDO; BlackRock, Alcentra refinance CLO notes

By Cristal Cody

Tupelo, Miss., Oct. 27 – In new refinancing activity, three managers repriced notes from vintage CLO and CDO deals.

Hildene Structured Advisors, LLC priced $243,875,000 of notes in a refinancing of a bank credit collateralized loan securitization.

Alcentra NY, LLC brought a $30.45 million partial refinancing of a CLO issued in 2018 to the market.

BlackRock Financial Management, Inc. refinanced $12.96 million of notes in a third partial refinancing of a vintage 2015 CLO deal.

CLO managers have refinanced more than $30 billion of vintage CLO notes year to date.

The new issue space has seen nearly $70 billion of volume so far this year, market sources said.

Hildene reprices CDO

Hildene Structured Advisors priced $243,875,000 of notes due Nov. 1, 2035 in the refinancing of a bank credit collateralized loan securitization previously known as Community Funding CLO, Ltd., according to market sources.

Hildene Community Funding CDO, Ltd. sold $198,625,000 of 3.25% class A-R senior secured fixed-rate notes in the senior tranche.

Jefferies LLC was the refinancing agent.

The deal was originally issued on Oct. 15, 2015.

The CDO is backed a portfolio of senior loans, senior notes, subordinated notes and trust preferred securities.

Hildene Structured Advisors is a Stamford, Conn.-based distressed debt investment management firm.

Alcentra refinances

Alcentra NY priced $30.45 million of notes due April 14, 2031 in the partial CLO refinancing, according to market sources.

Shackleton 2013-IV-R CLO, Ltd./Shackleton 2013-IV-R CLO LLC sold $15.7 million of 1.92% class A-1b-R senior secured fixed-rate notes at the top of the capital structure.

MUFG was the refinancing placement agent.

The CLO was originally issued on April 13, 2018.

The CLO is collateralized mainly by broadly syndicated first-lien senior secured loans.

The New York-based firm is part of BNY Alcentra Group Holdings, Inc.

BlackRock reprices

BlackRock Financial Management refinanced $12.96 million of notes due Oct. 15, 2031 in a third partial refinancing of its vintage 2015 CLO deal, according to market sources.

Magnetite XII, Ltd./Magnetite XII LLC priced $13 million of 2.25% class B-RRR-B senior secured fixed-rate notes (Aa2).

Mizuho Securities USA LLC was the refinancing placement agent.

The CLO was originally issued as a $608.83 million offering on March 12, 2015 and was partially refinanced on Nov. 30, 2016 and again on Sept. 6, 2018.

In the 2018 refinancing, $12.96 million of class B-RR-B notes were priced with a 4.53% coupon.

The investment management firm is based in New York City.

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