Oak Hill refinances $610.85 million; CIFC sells reprint; Anchorage Capital refinances

By Cristal Cody

Tupelo, Miss., Jan. 22 – The securitized refinancing market remains active so far in 2020 with three new reported deals priced.

Oak Hill Advisors LP refinanced $610.85 million of notes from a 2016 vintage CLO.

CIFC Asset Management LLC affiliate CIFC CLO Management LLC refinanced $503.6 million of notes in the AAA-rated tranche from a 2017 CLO deal.

Also, Anchorage Capital Group, LLC sold $494.7 million of notes in a refinancing of a 2016 CDO offering.

Palmer Square Capital Management LLC also plans to price a second refinancing of the Palmer Square CLO 2015-2, Ltd./Palmer Square CLO 2015-2, LLC transaction, as previously reported. Citigroup Global Markets Inc. is the refinancing placement agent.

Oak Hill reprices CLO

Oak Hill Advisors priced $610.85 million of notes in a refinancing of the manager’s 2016 era CLO, according to a market source.

OHA Loan Funding 2016-1, Ltd. sold $384.6 million of class A-R senior secured floating-rate notes at Libor plus 125 basis points in the AAA-rated tranche.

J.P. Morgan Securities LLC was the refinancing placement agent.

The maturity was extended to Jan. 20, 2033 from Jan. 20, 2028.

In the original $609 million transaction issued Dec. 7, 2016, the CLO priced $370 million of the class A senior secured floating-rate notes at Libor plus 143 bps.

The CLO is backed primarily by broadly syndicated senior secured corporate loans.

Oak Hill Advisors is an investment firm based in New York City.

CIFC sells $503.6 million

CIFC CLO Management refinanced $503.6 million of notes in one tranche from the CIFC Funding 2017-I Ltd./CIFC Funding 2017-I LLC CLO transaction, according to a market source and a notice of executed second supplemental indenture on Tuesday.

The CLO sold $503.6 million of class A-R senior secured floating-rate notes at Libor plus 101 bps.

Citigroup Global Markets was the refinancing placement agent.

In the original $815.8 million offering issued March 9, 2017, the CLO sold $503.6 million of the class A senior secured floating-rate notes at Libor plus 136 bps.

The notes are due April 21, 2029.

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

CIFC Asset Management is a New York-based credit manager.

Anchorage refinances

Anchorage Capital Group sold $494.7 million of notes in a refinancing of a 2016 cash flow CDO transaction, according to a market source.

Anchorage Credit Funding 2, Ltd./Anchorage Credit Funding 2, LLC priced $233 million of 3.928% class A-R senior secured fixed-rate notes at the top of the capital structure.

GreensLedge Capital Markets LLC arranged the offering.

The maturity was extended to April 26, 2038 from Jan. 25, 2031.

In the original $417.6 million transaction issued Jan. 12, 2016, the CLO priced $200 million of class A senior secured fixed-rate notes with a 4.3% coupon.

The transaction is collateralized primarily by corporate bonds and loans.

Anchorage Capital Group is a New York City-based global asset manager.

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