Symphony brings second refinancing of 2015 CLO; Monroe Capital reprices notes

By Cristal Cody

Tupelo, Miss., Nov. 9 – The CLO refinancing space is remaining active late in the year in both broadly syndicated and middle-market notes.

Symphony Asset Management LLC sold $14.4 million of notes in two tranches in a partial second refinancing of a 2015 broadly syndicated CLO.

Monroe Capital LLC affiliate Monroe Capital Asset Management LLC refinanced $30 million of notes from a 2018 middle-market CLO transaction.

More than $30 billion of vintage CLOs have been refinanced year to date, while about $70 billion of dollar-denominated CLOs have priced, market sources report.

Symphony prices

Symphony Asset Management sold $14.4 million of notes due Oct. 15, 2031 in two tranches in the second refinancing of the Symphony CLO XVI Ltd. transaction, according to a market source.

The CLO sold $3 million of class B-2RR senior floating-rate notes at Libor plus 240 basis points and $11.4 million of 2.97% class B-3RR senior fixed-rate notes.

The CLO was originally issued on July 15, 2015 and was first refinanced on Sept. 10, 2018.

In the first refinancing, $14.4 million of class B-2R senior fixed-rate notes priced with a 4.59% coupon.

MUFG was the refinancing agent.

The CLO notes are collateralized primarily by broadly syndicated senior secured corporate loans.

Symphony Asset Management is a San Francisco-based asset management firm.

Monroe Capital refinances

Monroe Capital Asset Management refinanced $30 million of notes due Nov. 22, 2030 from the vintage 2018 middle-market CLO, according to a first supplemental indenture.

Monroe Capital MML CLO VII, Ltd./Monroe Capital MML CLO VII, LLC refinanced the class A-2 senior fixed-rate notes with a 2.29% coupon.

In the original $455.75 million offering issued on Nov. 15, 2018, the CLO sold $30 million of 4.678% class A-2 senior fixed-rate notes.

BNP Paribas Securities Corp. was the bookrunner of the original deal.

The CLO is secured mostly by a portfolio of middle-market senior secured loans.

The middle-market lender and private credit asset management firm is based in Chicago.

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