GC reprices $400 million; Antares, CVC bring deals; Seix plans CLO reset; spreads firm

By Cristal Cody

Tupelo, Miss., Jan. 13 – GC Investment Management LLC priced a $400 million second reprint of notes from a vintage 2015 middle-market CLO in the year’s first transaction.

Meanwhile, details emerged on Antares Capital Advisers LLC’s $400.8 million middle-market CLO deal that priced just ahead of the Christmas holiday.

CVC Credit Partners U.S. CLO Management LLC also was in the primary market before the year ended with a $404.6 million broadly syndicated CLO offering.

Meanwhile, Seix Investment Advisors LLC is marketing a refinancing of a 2016 broadly syndicated CLO deal.

The secondary market saw $509 million of BWIC volume last week, up from $44 million in the prior holiday-shortened week, according to a BofA Securities, Inc. global research note released on Monday.

“We saw 56% of the bids for BBs, indicating the momentum we saw in December has carried over to the new year,” BofA Securities analysts said. “Spreads tightened across the stack on the back of strong customer demand and the current rally in loan prices.”

Broadly syndicated CLO AAA tranches tightened 2 basis points on the week to the Libor plus 111 bps area, while at the bottom of the capital stack, B tranches came in 50 bps week over week to the Libor plus 1,150 bps average range.

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