Mariner prices $437.5 million second refinancing of CLO; Symphony plans second reprint

By Cristal Cody

Tupelo, Miss., Feb. 12 – Mariner Investment Group, LLC priced $437.5 million of notes in a second refinancing of a vintage 2015 CLO transaction.

The CLO shaved off more than 30 basis points on the AAA-rated tranche from where the notes were first refinanced in 2017.

Meanwhile, Symphony Asset Management LLC expects to price a second refinancing of a vintage 2013 CLO.

Refinanced CLO AAA spreads are holding in the Libor plus 99 bps area on average year to date, according to a Wells Fargo Securities, LLC research note.

Mariner refinances

Mariner Investment Group priced $437.5 million of notes due April 20, 2029 in a second refinancing of the Mariner CLO 2015-1 LLC transaction, according to a market source and a notice of proposed supplemental indenture on Tuesday.

Mariner CLO 2015-1 sold $320 million of class A-R2 floating-rate notes at Libor plus 98 bps in the AAA-rated tranche.

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

In the Mariner CLO 2015-1 transaction originally issued April 15, 2015, the CLO sold $331 million of the class A floaters at Libor plus 128 bps.

In the first $460.5 million refinancing on April 20, 2017, the CLO sold $320 million of class A-R floating-rate notes at Libor plus 129 bps.

The transaction is collateralized primarily by broadly syndicated senior secured corporate loans.

The alternative asset management firm is based in New York City.

Symphony to reprice CLO

Symphony Asset Management plans to refinance the California Street CLO XII Ltd./California Street CLO XII LLC (formerly known as Symphony CLO XII, Ltd./Symphony CLO XII LLC) transaction, according to a notice of proposed amended and restated indenture.

The deal includes class X-R floating-rate notes; class A-1-RR senior secured floating-rate notes; class A-2-RR senior secured floating-rate notes; class B-RR senior secured floating-rate notes; class C-RR mezzanine secured deferrable floating-rate notes; class D-RR mezzanine secured deferrable floating-rate notes, class E-RR mezzanine secured deferrable floating-rate notes, class F-RR mezzanine secured deferrable floating-rate notes and subordinated notes.

Nomura Securities International, Inc. is the refinancing agent.

The CLO was originally issued Oct. 24, 2013 and was first refinanced on April 17, 2017.

The asset management firm is based in San Francisco.

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