Investcorp, Partners Group refinance euro CLOs; Redding Ridge resets CLO as debut manager

By Cristal Cody

Tupelo, Miss., Aug. 3 – More than €15 billion of euro-denominated CLOs have returned to the primary market year to date to refinance, including deals from Investcorp Credit Management EU Ltd. and Partners Group (UK) Management Ltd., according to market sources.

Investcorp Credit Management EU priced €474.35 million of notes in a refinancing and reset of a vintage 2014 CLO.

Partners Group (UK) Management refinanced €328.25 million of notes from a 2015 deal.

Also, Redding Ridge Asset Management, LLC closed Thursday on $700 million of notes in its first CLO offering, according to a market source and a company press release.

The deal was a refinancing and reset of a CLO originally priced in 2014 by Apollo Credit Management LLC.

“We believe the successful closing of RR 1 demonstrates Redding Ridge's ability to execute CLO transactions that are consistent with the proven capabilities of a top tier manager,” Albert Huntington, Redding Ridge's head of capital markets and banking, said in the release.

In its deal, Investcorp Credit Management EU priced €474.35 million of notes in a refinancing and reset of a vintage 2014 euro-denominated CLO deal, according to a market source.

Harvest CLO IX DAC priced €294.5 million of class A-R senior secured notes at Euribor plus 90 basis points at the top of the capital stack.

Credit Suisse Securities (Europe) Ltd. was the refinancing placement agent.

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