First Eagle Alternative Credit plans 2021 CLO reprint; Ares, Voya, PGIM wrap deals

By Cristal Cody

Tupelo, Miss., Dec. 2 – First Eagle Alternative Credit, LLC is eying the new year to refinance notes from a $355.5 million 2016 CLO.

The CLO manager is anticipating refinancing the notes on or after Jan. 15.

Elsewhere in CLO market activity on Wednesday, several managers closed on new deals.

Ares Management LP subsidiary Ares CLO Management LLC settled its $409 million Ares LVII CLO Ltd./Ares LVII CLO LLC offering, which placed the AAA-rated tranche at Libor plus 132 basis points.

Voya Alternative Asset Management LLC wrapped its €253 million Voya Euro CLO IV DAC deal on Wednesday. The CLO priced the class A floating-rate notes at Euribor plus 115 bps.

Also on Wednesday, PGIM, Inc. closed on its €358 million Dryden 79 Euro CLO 2020 DAC deal, which placed the senior tranche at Euribor plus 120 bps.

Deal volume year to date includes more than $70 billion of new issue broadly syndicated CLOs, over €20 billion of European broadly syndicated supply and more than $31 billion of refinanced CLO notes, according to market sources.

In its deal, First Eagle Alternative Credit plans to refinance notes from the KVK CLO 2016-1 Ltd. transaction, according to a market notice.

The notes are due Jan. 15, 2029.

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