Neuberger Berman prices new, reset CLOs; GSO/Blackstone, Oak Hill, Angelo Gordon refinance

By Cristal Cody

Tupelo, Miss., April 21 – Neuberger Berman Investment Advisers LLC tapped the CLO primary market with a new transaction and a refinanced CLO.

Neuberger Berman Investment Advisers sold $511.04 million of notes in the new 2017 CLO.

The CLO manager also refinanced $568.7 million of notes in a reset of a vintage 2014 deal.

The refinancing pace continues to remain strong.

GSO/Blackstone Debt Funds Management LLC refinanced $561.25 million from a vintage 2014 CLO.

Oak Hill Advisors LP sold $374.5 million of notes in a refinancing of a 2013 transaction.

Also, Angelo, Gordon & Co., LP refinanced $303 million of notes from a 2013 CLO in its second refinanced CLO offering of the year.

More than $60 billion of U.S. CLOs have been refinanced year to date.

Wells Fargo Securities LLC analysts said in a structured products research note on Friday that $74 billion of eligible but not yet refinanced or reset CLOs in 150 deals remained at the end of the first quarter.

The Securities and Exchange Commission’s no-action letter limits eligible CLO refinancings without triggering risk retention requirements to deals within four years of issuance and issued before Dec. 24, 2014.

“The eligible pool is thus limited to deals outside of their non-call period that were issued after April 20, 2013 and before December 24, 2014,” the Wells Fargo analysts said. “There are $165 billion in deals that fit the eligibility requirements. Of this $165 billion, we estimate $91 billion have already been refinanced or reset, and $74 billion in eligible but not yet refinanced or reset CLOs.”

Neuberger Berman prices

Neuberger Berman Investment Advisers sold $511.04 million of notes due April 19, 2030 in the new Neuberger Berman Loan Advisers CLO 24, Ltd./Neuberger Berman Loan Advisers CLO 24 LLC transaction, according to details from a market source.

The CLO priced $318.5 million of class A floating-rate notes at par to yield Libor plus 123 basis points in the senior tranche.

Wells Fargo Securities, LLC was the placement agent.

The Chicago-based firm is part of Neuberger Berman Group, LLC.

Neuberger Berman refinances

Neuberger Berman Investment Advisers sold $568.7 million of notes in a refinancing and reset of the vintage 2014 Neuberger Berman CLO XVII, Ltd./Neuberger Berman CLO XVII LLC transaction, according to a market source.

The CLO priced $336.4 million of class A-R senior secured floating-rate notes at Libor plus 118 bps at the top of the capital structure.

J.P. Morgan Securities LLC was the refinancing agent.

The maturity on the refinanced notes was extended to April 22, 2029 from the original Aug. 4, 2025 maturity.

The CLO manager has priced one new CLO and refinanced one vintage CLO year to date.

Neuberger priced two new CLOs and refinanced tranches from three vintage CLOs in 2016.

GSO/Blackstone prices

GSO/Blackstone Debt Funds Management refinanced $561.25 million of notes due July 17, 2026 in the vintage 2014 Seneca Park CLO, Ltd./Seneca Park CLO, LLC transaction, according to a market source.

The CLO sold $429.75 million of class A-R senior secured floating-rate notes at par to yield Libor plus 112 bps in the AAA-rated tranche.

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

The CLO manager priced five new U.S. CLOs and refinanced one vintage CLO in 2016.

The New York City-based firm is a subsidiary of alternative asset manager GSO Capital Partners LP.

Oak Hill refinances 2013 CLO

Oak Hill Advisors refinanced $374.5 million of notes due Oct. 20, 2025 from the vintage 2013 OHA Credit Partners IX, Ltd./OHA Credit Partners IX, Inc. transaction, according to a market source.

The CLO priced $304 million of class A-1-R senior secured floating-rate notes at par to yield Libor plus 101 bps at the top of the capital stack.

Morgan Stanley & Co. LLC was the refinancing agent.

Oak Hill Advisors has refinanced three vintage CLOs year to date.

The New York City-based investment firm priced one new CLO and refinanced two vintage deals in 2016.

Northwoods refinances

Angelo, Gordon & Co. refinanced $303 million of notes due Nov. 4, 2025 from a vintage 2013 CLO deal, according to a market source.

Northwoods Capital X, Ltd./Northwoods Capital X, LLC priced $165 million of floating-rate notes at Libor plus 108 bps in the class A-1-R tranche.

Goldman Sachs & Co. arranged the transaction.

The CLO manager has refinanced two vintage CLOs year to date. The firm was last in the CLO primary market in 2014.

Angelo, Gordon is an alternative investment manager based in New York.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.