Mariner prices $437.5 million second refinancing of CLO; Symphony plans second reprint

By Cristal Cody

Tupelo, Miss., Feb. 12 – Mariner Investment Group, LLC priced $437.5 million of notes in a second refinancing of a vintage 2015 CLO transaction.

The CLO shaved off more than 30 basis points on the AAA-rated tranche from where the notes were first refinanced in 2017.

Meanwhile, Symphony Asset Management LLC expects to price a second refinancing of a vintage 2013 CLO.

Refinanced CLO AAA spreads are holding in the Libor plus 99 bps area on average year to date, according to a Wells Fargo Securities, LLC research note.

In its deal, Mariner Investment Group priced $437.5 million of notes due April 20, 2029 in a second refinancing of the Mariner CLO 2015-1 LLC transaction, according to a market source and a notice of proposed supplemental indenture on Tuesday.

Mariner CLO 2015-1 sold $320 million of class A-R2 floating-rate notes at Libor plus 98 bps in the AAA-rated tranche.

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

Separately, Symphony Asset Management plans to refinance the California Street CLO XII Ltd./California Street CLO XII LLC (formerly known as Symphony CLO XII, Ltd./Symphony CLO XII LLC) transaction, according to a notice of proposed amended and restated indenture.

Nomura Securities International, Inc. is the refinancing agent.

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