Symphony Asset, GSO/Blackstone refinance 2014 CLOs; refinancings outpace new supply

By Cristal Cody

Tupelo, Miss., Feb. 24 – CLO managers Symphony Asset Management LLC and GSO/Blackstone Debt Funds Management LLC both refinanced vintage 2014 CLOs and priced the AAA-rated tranche at Libor plus 118 basis points.

Symphony Asset Management refinanced a total of $522 million of notes in the deal.

GSO/Blackstone Debt Funds Management refinanced $493 million of notes from the Birchwood Park CLO Ltd./Birchwood Park CLO LLC transaction.

More than $16 billion of vintage U.S. CLOs have been refinanced year to date, according to market sources and Prospect News data.

New deal volume remains below about $5 billion year to date.

Symphony Asset Management sold $522 million of notes due Oct. 19, 2026 at par in a refinancing of the Symphony CLO XV, Ltd. CLO transaction that originally priced in 2014, according to a market source.

The CLO priced $378 million of class A-R floating-rate notes at Libor plus 118 bps in the AAA-rated tranche.

Credit Suisse Securities (USA) LLC arranged the transaction.

Symphony Asset Management will continue to manage the CLO.

In its deal, GSO/Blackstone Debt Funds Management refinanced $493 million of notes due July 15, 2026 at par in the vintage 2014 Birchwood Park CLO transaction, according to a market source.

The CLO sold $375 million of class A-R floating-rate notes (Aaa//AAA) at Libor plus 118 bps in the senior tranche.

Wells Fargo Securities LLC was the refinancing agent.

GSO/Blackstone will manage the CLO.

© 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.