Cutwater prices $415.4 million CLO; CVC, 40|86 bring deals; Prudential refinances CLO

By Cristal Cody

Tupelo, Miss., July 10 – The CLO market saw new deals from Par-Four Investment Management, LLC, Cutwater Investor Services Corp., CVC Credit Partners, LLC and 40|86 Advisors Inc., according to market sources on Thursday.

In addition, Prudential Investment Management, Inc. refinanced a vintage 2012 CLO, its second refinancing of the year, sources said.

Less than $10 billion of transactions are in the near-term pipeline, a market source said.

New York City-based Voya Alternative Asset Management LLC has a $517.5 million deal in the works, the Voya CLO 2014-3, Ltd./Voya CLO 2014-3 LLC vehicle, via BofA Merrill Lynch, according to a market source.

In the primary market, final details of Par-Four Investment’s Tralee CLO III, Ltd./Tralee CLO III, LLC offering via Deutsche Bank Securities Inc. were not available by press time.

Cutwater priced $415.4 million of notes in the company’s first CLO deal, Cutwater 2014-I, Ltd./Cutwater 2014-I, LLC, via Natixis Securities Americas LLC, according to a market source.

The New York City-based firm sold $216.6 million of AAA-rated notes at Libor plus 152 basis points at the top of the structure.

CVC Credit Partners, the credit management arm of London-based private equity firm CVC Capital Partners Ltd., priced the $733.6 million Apidos CLO XVIII/Apidos CLO XVIII LLC deal, an informed source.

The Apidos CLO placed $449.8 million of class A-1 senior secured floating-rate notes (Aaa//AAA) at Libor plus 141 bps.

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

Also in the primary market, 40|86 Advisors Inc. sold $362.5 million of notes in the Silver Creek CLO, Ltd./Silver Creek CLO, LLC deal, according to an informed source.

Carmel, Ind.-based 40|86 Advisors, a subsidiary of CNO Financial Group, Inc., priced the $236.25 million AAA-rated tranche at Libor plus 149 bps via placement agent Goldman Sachs & Co.

CLO refinancings continue with Prudential Investment Management refinancing its second vintage CLO this year, according to market sources.

Prudential refinanced the $379.5 million Dryden XXIII Senior Loan Fund/Dryden XXIII Senior Loan Fund LLC deal that originally priced in 2012.

The CLO refinanced the $270.5 million AAA-rated tranche of notes at Libor plus 125 bps, compared to the original placement at Libor plus 149 bps.

Credit Suisse Securities (USA) LLC was the refinancing agent.

Prudential Investment Management, the primary asset management business of Newark, N.J.-based Prudential Financial, Inc., also refinanced the $304.85 million Dryden XXII Senior Loan Fund Corp. deal in January.

© 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.