AB Private Credit sells $351.3 million debut CLO; CSAM, MJX refinance; secondary thins

By Cristal Cody

Eureka Springs, Ark., Dec. 20 – AB Private Credit Investors LLC priced $351.3 million of notes in the middle-market lender’s first CLO transaction, according to details from a market source.

In other activity, pricing terms emerged for two refinanced broadly syndicated CLO transactions.

Credit Suisse Asset Management, LLC sold $491.28 million of notes and loans in a refinancing of a 2015 deal.

MJX Asset Management LLC refinanced $365.4 million of notes in three tranches from a vintage 2014 CLO.

In the securitized secondary market, end-of-year trading volume is thinning but remained active on Monday. The session saw $68.86 million of investment-grade securities and $53.2 million of non-investment-grade CBO/CDO/CLO issues trade, according to Trace.

AB brings first CLO

AB Private Credit Investors sold $351.3 million of notes due Dec. 22, 2028 in the debut three-part ABPCI Direct Lending Fund CLO Ltd. offering, according to a market source.

The CLO priced $240.6 million of class A floating-rate notes at Libor plus 270 basis points in the senior tranche.

Natixis Securities Americas LLC arranged the offering.

AB Private Credit Investors will manage the CLO, which is collateralized primarily by U.S. senior secured loans.

Middle-market lender AB Private Credit Investors is a subsidiary of New York-based AllianceBernstein LP.

CSAM refinances 2015 CLO

Credit Suisse Asset Management refinanced $491.28 million of securities due April 20, 2026 in four parts from the vintage 2015 Madison Park Funding XVI Ltd. deal, according to a market source.

The CLO priced $220 million of class A-1-RL loans at Libor plus 133 bps and $147.28 million of class A-1-R floating-rate notes at Libor plus 133 bps in the senior tranches.

Deutsche Bank Securities Inc. was the refinancing agent.

The CLO is backed primarily by first-lien senior secured loans.

Credit Suisse Asset Management has priced three U.S. CLOs and refinanced one vintage CLO year to date.

The unit of Credit Suisse Group AG priced four U.S. CLO deals and refinanced one vintage CLO transaction in 2015.

MJX refinances $365.4 million

MJX Asset Management refinanced $365.4 million of notes due Jan. 15, 2027 in the vintage 2014 Venture XIX CLO, Ltd. offering, according to a market source.

The CLO sold $280.35 million of class A-R senior secured floating-rate notes at Libor plus 137 bps at the top of the capital structure.

Jefferies LLC was the refinancing agent.

MJX Asset Management has priced three new CLO transactions and refinanced three CLOs year to date.

The New York City-based asset management company brought three new CLO deals and refinanced one vintage CLO in 2015.

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