Intermediate Capital Managers, Investcorp, CELF, Seix, MidOcean reprice euro, U.S. CLOs

By Cristal Cody

Tupelo, Miss., Jan. 31 – While the new deal pipeline is slow to start in 2018, European and U.S. CLO refinancing action is underway with details out on several deals brought to the market in January.

Intermediate Capital Managers Ltd. priced €562.6 million of notes in a refinancing of a 2013 CLO.

Investcorp Credit Management EU Ltd. reset €427.2 million of notes from a vintage 2014 deal.

Also, CELF Advisors LLP priced €410 million of notes in a refinancing of a 2014 euro-denominated CLO.

In U.S. pricing action, Seix Investment Advisors LLC repriced $350 million of notes from a 2015 CLO.

MidOcean Credit Fund Management LP refinanced $296.4 million of notes from a 2013 offering.

Intermediate Capital reprices

Intermediate Capital Managers priced €562.6 million of notes in the St. Paul’s CLO III-R DAC transaction, a reissue of the St. Paul’s CLO III DAC deal, according to a market source.

At the top of the capital structure, the CLO sold €330 million of class 3A-R senior secured floating-rate notes at Euribor plus 75 basis points.

Deutsche Bank AG, London Branch was the refinancing placement agent.

The maturity on the refinanced notes was extended to Jan. 15, 2032 from the original Jan. 14, 2028 maturity.

The original €556.5 million transaction was issued on Dec. 4, 2013.

Intermediate Capital Managers, a London-based investment management firm, priced one new CLO deal and refinanced three vintage CLOs in 2017.

Investcorp resets euro CLO

Investcorp Credit Management EU priced €427.2 million of notes in a refinancing and reset of a vintage 2014 broadly syndicated CLO deal, according to a market source and notices to noteholders.

Harvest CLO VIII DAC sold €243 million of class A-R floating-rate notes at Libor plus 73 bps at the top of the capital stack.

Investcorp Credit Management EU, formerly known as 3i Debt Management Investments Ltd., is the CLO manager.

The maturity on the refinanced notes was extended to Jan. 15, 2031 from April 30, 2026.

The original €425 million transaction was issued on March 27, 2014.

In 2017, Investcorp refinanced six euro-denominated CLOs.

The CLO manager is a subsidiary of Bahrain-based Investcorp Bank BSC.

CELF prices 2014-3 reset

CELF Advisors priced €410 million of notes in a refinancing and reset of a vintage 2014 euro-denominated CLO offering, according to market sources.

Carlyle Euro CLO 2014-3 DAC sold the €265.75 million tranche of class A-1A-R senior secured floating-rate notes at Euribor plus 73 bps.

Citigroup Global Markets Ltd. arranged the transaction.

The maturity on the notes was extended to Jan. 25, 2032 from the original Nov. 15, 2027 maturity.

CELF originally issued the €450 million CLO on Oct. 29, 2014.

CELF Advisors refinanced four vintage European CLOs in 2017.

The London-based CLO manager is part of Washington, D.C.-based Carlyle Group LP.

Seix reprices $350 million

Seix Investment Advisors priced $350 million of notes due Oct. 13, 2027 in a refinancing of a 2015 era CLO, according to a market source and a notice of executed supplemental indenture and A&R collateral management agreement.

Mountain View CLO X, Ltd./Mountain View CLO X, LLC sold $250 million of class A-R floating-rate notes at Libor plus 82 bps in the AAA-rated tranche.

Credit Suisse Securities (USA) LLC was the placement agent.

The original $415.6 million transaction was issued on Aug. 27, 2015.

Seix Investment Advisors was last in the CLO primary market in 2016.

The Upper Saddle River, N.J.-based firm is indirectly owned by SunTrust Banks Inc.

MidOcean refinances CLO

MidOcean Credit Fund Management priced $296.4 million of notes due Jan. 15, 2024 in a refinancing of a vintage 2013 CLO deal, according to a notice of optional redemption by refinancing and notice of revised fourth supplemental indenture on Tuesday.

MidOcean Credit CLO I/MidOcean Credit CLO I LLC placed $210.5 million of class A-1-RR senior secured floating-rate notes at Libor plus 82 bps in the senior slice.

Barclays arranged the offering.

MidOcean Credit Fund Management is the CLO manager. Prudential Investment Management, Inc. is the designated successor collateral manager.

The CLO originally was issued on Jan. 24, 2013 and the notes were refinanced on Dec. 15, 2016.

The affiliate of New York City-based private equity firm MidOcean Partners priced one new CLO and refinanced one CLO transaction in 2017.

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