Guggenheim, Och-Ziff, Alcentra refinance CLOs; Antares plans deal; secondary trading light

By Cristal Cody

Tupelo, Miss., April 18 – The wave of refinancings in the CLO space continues to remain strong.

Details emerged about three more vintage deals that have refinanced with lower spreads.

Guggenheim Partners Investment Management LLC refinanced $331 million of notes from one tranche in a 2015 CLO.

Och-Ziff Loan Management LP refinanced $702.75 million of notes from a vintage 2014 CLO.

Alcentra NY, LLC sold $349.7 million of notes in a refinancing of a 2013 transaction.

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

Looking ahead to new supply, Antares Capital Advisers LLC is offering $1,817,880,000 of notes in a debut middle-market CLO.

In other activity, secondary trading was light to start the post-holiday week in the securitized market.

On Monday, $68.29 million of high-grade CBO/CDO/CLO issues and $86.2 million of non-investment-grade securities were traded, according to Trace.

Guggenheim refinances

Guggenheim Partners Investment Management priced $331 million of class A-1-R senior secured floating-rate notes due April 15, 2027 (Aaa/AAA) at Libor plus 121 basis points in the refinancing of a 2015 CLO tranche, according to a notice of executed supplemental indenture on Monday.

MUFG arranged the refinancing of the Kitty Hawk CLO 2015-1 LLC/Kitty Hawk CLO 2015-1 Ltd. notes.

Proceeds were used on Monday to redeem the original class A-1 notes.

Guggenheim has priced one new CLO and refinanced notes from one vintage CLO year to date.

The CLO manager priced three new CLOs and two add-ons to existing CLOs in 2016.

The investment management firm and subsidiary of Guggenheim Partners, LLC is based in Santa Monica, Calif.

Och-Ziff refinances CLO

Och-Ziff Loan Management refinanced $702.75 million of notes due July 17, 2026 from the vintage 2014 CLO transaction, according to a market source and a notice of executed supplemental indenture on Monday.

OZLM VII, Ltd./OZLM VII, LLC priced $310 million of class A-1A-R senior secured floating-rate notes at Libor plus 115 bps at the top of the capital structure.

Deutsche Bank Securities Inc. arranged the deal.

Proceeds from the refinancing were used on Monday to redeem the original class A-1A, A-1B, A-2A, A-2B, B-1, B-2 and C notes.

Och-Ziff has refinanced three CLOs year to date.

The CLO manager refinanced two vintage CLOs in 2016.

The firm is an affiliate of New York City-based alternative asset management Och-Ziff Capital Management Group LLC.

Alcentra NY refinances

Alcentra NY priced $349.7 million of notes due Jan. 13, 2025 in a refinancing of the 2013 broadly syndicated CLO deal, according to a market source and a notice of executed second supplemental indenture.

Shackleton 2013-IV CLO, Ltd./Shackleton 2013-IV CLO LLC sold $265.1 million of class A-R floating-rate senior term notes at par to yield Libor plus 112 bps in the senior tranche.

Citigroup Global Markets Inc. was the refinancing agent.

Proceeds from the refinancing were used to redeem the original class A, B-1, B-2 and C notes.

Alcentra priced one new CLO and refinanced one vintage CLO in 2016.

The New York-based firm is part of BNY Alcentra Group Holdings, Inc.

Antares to price $1.8 billion

Antares Capital Advisers intends to price $1,817,880,000 of notes due July 20, 2028 in the debut Antares CLO 2017-1, Ltd./Antares CLO 2017-1, LLC middle-market CLO, a source reports.

The offering includes $1,035,000,000 of class A floating-rate notes (Aaa/AAA); $207 million of class B floating-rate notes (AA); $131.4 million of class C floating-rate notes (A); $106.2 million of class D floating-rate notes (BBB-); $131.4 million of class E floating-rate notes (BB-) and $206.88 million of subordinated notes.

Deutsche Bank Securities Inc. is the placement agent.

The notes are backed primarily by small-to-middle enterprise senior secured loans.

Antares Capital Advisers is a Chicago-based investment management firm and affiliate of Antares Holding LP.

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