Oak Hill sells second reprint of 2015 CLO; MJX refinances AAA notes; refinancing eyed

By Cristal Cody

Tupelo, Miss., Dec. 6 – Oak Hill Advisors LP priced a $682.46 million second refinancing of a vintage 2015 broadly syndicated CLO transaction.

In other refinancing action, MJX Asset Management LLC sold $384 million of senior notes from a 2016 CLO deal.

Meanwhile on Friday, CBAM CLO Management LLC closed on its previously reported $920 million refinancing of notes from a 2018 broadly syndicated CLO. The CBAM 2018-6, Ltd./CBAM 2018-6 LLC vehicle priced $610 million of the class A-1-R floating-rate notes at Libor plus 127 basis points.

CLO managers have refinanced more than $44 billion of vintage CLOs through early December, compared to $119.5 billion of CLOs refinanced in the same period last year, according to a Wells Fargo Securities LLC research note.

Market sources expected about $55 billion of refinancing volume for the year.

Elsewhere, leveraged loan outflows moderated to $220 million for the past week ended Wednesday from a $550 million outflow in the previous week, according to a BofA Securities, Inc. research note released on Friday.

Oak Hill prices

Oak Hill Advisors priced $682,457,000 of notes in the second refinancing, according to a market source and a notice of executed third supplemental indenture on Friday.

At the top of the capital structure, OHA Loan Funding 2015-1, Ltd./OHA Loan Funding 2015-1 Inc. sold $409 million of class A-1-R2 floating-rate notes at Libor plus 134 bps.

Citigroup Global Markets Inc. was the refinancing agent.

The maturity on the refinanced notes was extended to Nov. 15, 2032 from Jan. 23, 2027.

OHA Loan Funding 2015-1 was first refinanced in a $330 million transaction issued on Dec. 5, 2016.

In that offering, the CLO sold $220 million of the class A-R floating-rate notes at Libor plus 135 bps.

The CLO was originally issued on March 26, 2015.

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

MJX Asset prices

MJX Asset Management priced $384 million of notes in a partial refinancing of two tranches from a 2016 CLO offering, according to a notice of revised proposed supplemental indenture on Thursday.

Venture XXV CLO, Ltd. sold the class A-R senior secured floating-rate notes (expected ratings Aaa//AAA) at Libor plus 123 bps.

Jefferies LLC and Mizuho Securities USA Inc. were the refinancing placement agents.

The CLO refinanced the original CLO’s $369 million of class A-1 senior secured floating-rate notes and $15 million of class A-F senior secured fixed-rate notes.

In the original $601.6 million transaction issued Dec. 20, 2016, the CLO had sold the class A-1 senior secured floating-rate notes at Libor plus 149 bps and the class A-F senior secured fixed-rate notes with a 3.1% coupon.

The notes are due April 20, 2029.

The asset management company is based in New York City.

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