Triumph brings third deal; CSAM refinances CLO; $4.2 billion of notes refinanced in 2015

By Cristal Cody

Tupelo, Miss., May 20 – Triumph Capital Advisors, LLC sold $409.38 million of notes in the firm’s third CLO deal to date, pricing a AAA-rated tranche at Libor plus 151 basis points, according to a market source.

Triumph Capital Advisors, formed in February 2013, now manages five CLOs. The firm increased its CLOs under management by acquiring Doral Money, Inc. in March, according to a Moody’s Investors Service May CLO report.

“The acquisition is likely part of a new wave of manager consolidation ahead of U.S. risk-retention rules becoming effective in 2016,” Moody’s said. “Through its acquisition of Doral Money, Triumph Capital became the collateral manager for two active Doral U.S. CLO 2.0s, nearly doubling Triumph Capital’s assets under management less than a year since coming to the market with its own first deal.”

In the refinancing space, Credit Suisse Asset Management, LLC refinanced $440 million of fixed-rate and floating-rate notes in a vintage 2012 CLO transaction, according to a market source.

Also, $612 million of notes in the vintage 2012 Ares XXIV CLO Ltd. vehicle were refinanced by manager Ares Management LLC, a source said.

The $433.7 million slice of AAA-rated notes due Oct. 12, 2023 was refinanced 21 bps tighter at Libor plus 129 bps.

Morgan Stanley & Co. LLC was the refinancing agent.

Ten U.S. CLOs have refinanced $4.2 billion of notes year to date, according to a J.P. Morgan Securities LLC report.

© 2015 Prospect News.
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