Seix prints $406.4 million; GC Investment to refinance 2015 CLO; loan outflows decline

By Cristal Cody

Tupelo, Miss., Jan. 3 – Seix Investment Advisors LLC plans to close later in January on a new $406.4 million broadly syndicated CLO that priced in December.

Meanwhile, one middle-market CLO manager is moving forward with refinancing plans in the new year.

GC Investment Management LLC intends to refinance a vintage 2015 middle-market CLO’s senior tranche.

Middle-market issuers refinanced about $2.5 billion of vintage CLO deals in 2019, according to market sources.

Looking at the secondary market, trading volume was light in the first session of 2020.

On Thursday, $38.34 million of investment-grade CBO/CDO/CLO paper traded at an average 99.60 price and a weighted average price of 99.40, Trace data shows.

No reported amount of lower-rated CBO/CDO/CLO securities was traded over the session.

In other activity, outflows from leveraged loans decelerated to $370 million for the past week ended Wednesday from $560 million in the previous week, Yunyi Zhang, a credit strategist with BofA Securities Inc., said in a global research note released on Friday.

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