Brigade Capital refinances notes from three CLOs; TICP refinances $406.8 million 2014 CLO

By Cristal Cody

Tupelo, Miss., March 30 – Refinancing action continues to remain heavy in the CLO market with one CLO manager refinancing three vintage deals.

Brigade Capital Management, LLC refinanced three vintage CLOs in the previous week.

The company priced $326 million of floating-rate notes from a vintage 2013 CLO.

Brigade Capital Management priced $324.5 million of fixed- and floating-rate notes in a refinancing of a vintage 2014 deal.

Brigade sold $319 million of floaters in a refinancing of a vintage 2014 CLO.

Also in refinancing action, TICP CLO II Management, LLC priced $406.8 million of global secured floating-rate notes.

Nearly $40 billion of CLOs have been refinanced year to date, according to market sources.

TICP prices CLO

TICP CLO II Management sold $406.8 million of global secured floating-rate notes due July 20, 2026 in a refinancing of the vintage 2014 TICP CLO II, Ltd./TICP CLO II, LLC transaction, according to a notice of revised proposed supplemental indenture on Wednesday.

The CLO priced $255 million of class A-1A-R senior secured floating-rate notes at Libor plus 116 basis points at the top of the structured deal.

TICP replaced two fixed-rate tranches from the original deal with floaters in the refinanced transaction and dropped plans to refinance the $26.4 million class C tranche of senior secured deferrable floating-rate notes that priced at Libor plus 330 bps. The class D and E notes also were not refinanced.

Proceeds will be used on April 20 to redeem the original class A-1A, A-1B, A-2A, A-2B, B and C notes.

TICP CLO Management is a Fort Worth, Texas-based affiliate of TPG Institutional Credit Partners, LLC.

Battalion CLO IV refinanced

Brigade Capital Management priced $326 million of floating-rate notes due Oct. 22, 2025 in a refinancing of three tranches from a vintage 2013 deal, according to a market source.

Battalion CLO IV Ltd./Battalion CLO IV LLC sold $241 million of class A-1-R floating-rate notes at par to yield Libor plus 114 bps in the class A-1-R tranche.

BofA Merrill Lynch arranged the offering.

The class C, D and E notes were not refinanced.

Brigade Capital Management has refinanced three CLOs year to date.

The New York City-based investment advisor firm priced one new CLO transaction in 2016.

Battalion CLO V refinanced

Brigade Capital Management priced $324.5 million of fixed- and floating-rate notes due April 17, 2026 in a refinancing of a vintage 2014 offering, according to a market source.

Battalion CLO V Ltd./Battalion CLO V LLC sold $241.5 million of class A-1-R floating-rate notes at par to yield Libor plus 117 bps in the senior tranche.

BofA Merrill Lynch was the deal arranger.

The class A-2B, C, D and E notes were not refinanced.

The New York City-based investment advisor firm priced two CLO transactions in 2015.

Battalion CLO VII refinances

Brigade Capital Management priced $319 million of floating-rate notes due Oct. 17, 2026 in a refinancing of a vintage 2014 CLO, according to a market source.

Battalion CLO VII Ltd./Battalion CLO VII LLC sold $252 million of class A-1-R floating-rate notes at par to yield Libor plus 119 bps in the senior AAA-rated tranche.

BofA Merrill Lynch was the deal arranger.

The class C and D notes were not refinanced.

Brigade Capital Management has refinanced three CLOs year to date.

The New York City-based investment advisor firm priced one new CLO transaction in 2016.

© 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.