Triumph Capital refinances AAA-rated tranche; Symphony, THL, Sculptor plan CLO reprints

By Cristal Cody

Tupelo, Miss., Oct. 1 – The CLO refinancing space is seeing heavier action after a summer lull.

Triumph Capital Management, LLC priced $485.35 million of class A-R notes in a refinancing of the AAA-rated tranche from a vintage 2017 CLO deal.

Several CLO managers have signaled plans to reprice vintage CLO notes.

Symphony Asset Management LLC expects to price four tranches of notes in a second refinancing of a 2014 CLO.

THL Credit Advisors LLC is set to refinance the AAA-rated tranche of notes from a 2017 CLO offering.

In addition, Sculptor Loan Management LP, formerly known as Och-Ziff Loan Management LP, is marketing a second refinancing of a vintage 2013 CLO deal.

CLO managers have refinanced about $35 billion of CLO notes year to date, according to market sources.

In its deal, Triumph Capital Management priced $485.35 million of notes due July 25, 2029 in a refinancing of a vintage 2017 CLO offering, according to a notice of revised proposed supplemental indenture on Monday.

Trinitas CLO VI Ltd./Trinitas CLO VI LLC sold $448 million of the class A-R floating-rate notes at Libor plus 117 basis points.

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

The original CLO was issued on June 20, 2017.

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