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Romark, PPM, Teachers Advisors, Octagon, American Money refinance CLOs; outflows rise
By Cristal Cody
Tupelo, Miss., Sept. 25 – The CLO refinancing space has been steady in September with five more managers repricing vintage notes.
Romark CLO Advisors LLC priced $23 million of notes in a partial refinancing of a refinanced 2018 CLO.
PPM Loan Management Co., LLC refinanced $19 million of notes from a 2018 CLO.
Teachers Advisors LLC priced $17 million of notes in a partial second refinancing of a vintage 2016 deal.
Octagon Credit Investors, LLC refinanced $22.5 million of notes in a partial second refinancing of a 2016 CLO.
Also, American Money Management Corp. priced $30 million of notes in a partial third refinancing of a vintage 2012 CLO offering.
About $53 billion of new CLOs have priced year to date, while about $28 billion of vintage CLOs have been refinanced, according to market sources.
CLO issuance is forecast to top out at $80 billion for the year with as little as $60 billion anticipated, according to a Wells Fargo Securities, LLC report on Friday.
Elsewhere, leveraged loan fund outflows climbed to $261 million for the past week ended Wednesday, up from $17.4 million of outflows in the prior week, according to a Fitch Ratings report on Friday.
Year-to-date net outflows total $19.6 billion.
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