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Onex, Bain Capital price CLOs; Greywolf refinances $376.2 million; AAAs flat, BBs tighten
By Cristal Cody
Tupelo, Miss., June 19 – CLO primary and refinancing activity is picking up, according to market sources on Monday.
Onex Credit Partners, LLC priced about $610 million of notes in its first dollar-denominated CLO offering of the year.
Also, Bain Capital Credit CLO Advisers LP priced $510.31 million of notes in the Bain Capital Credit CLO 2017-1 Ltd./Bain Capital Credit CLO 2017-1, Corp. deal, a source said. Citigroup Global Markets Inc. was the placement agent. Final pricing details were not immediately available.
In refinancing action, Greywolf Capital Management LP priced $376.2 million of notes in a refinancing of a vintage CLO.
“Refi volumes have slowed but we still saw eight refi/reset deals priced since last Friday,” BofA Merrill Lynch analysts said in a note.
In the secondary market, CLO spreads ended the week on Friday mixed with 2.0 AAAs flat at the Libor plus 115 basis points area, while BB tightened 25 bps to the Libor plus 550 bps area, according to the note.
In its deal, Onex Corp. announced on Monday that Onex Credit Partners priced about $610 million of notes due July 15, 2030 in its 13th collateralized loan obligation deal.
The OCP CLO 2017-13 Ltd./OCP CLO 2017-13 LLC transaction was upsized from an expected $508.2 million offering.
Natixis Securities Americas LLC was the placement agent.
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