Marble Point prices $400 million CLO; CSAM, Carlyle refinance; HPS to reprice 2017 CLO

By Cristal Cody

Tupelo, Miss., Feb. 13 – In the new issue market, Marble Point CLO Management LLC priced a $400 million broadly syndicated CLO offering.

Meanwhile, the refinancing space remains active in February.

Credit Suisse Asset Management, LLC sold $816.98 million of notes in a refinancing and reset of a 2016 CLO.

Carlyle GMS CLO Management LLC refinanced $404 million of notes from a vintage 2016 CLO.

Coming up, HPS Investment Partners, LLC intends to price at least $406 million of notes in a refinancing of a 2017 CLO deal.

Marble Point brings CLO

Marble Point CLO Management priced $400 million of 13-year notes in the Marble Point CLO XVII, Ltd./Marble Point CLO XVII LLC transaction, according to a pricing announcement.

The CLO has an expected weighted average cost of debt of Libor plus 187 basis points.

Morgan Stanley & Co. LLC was the placement agent.

Marble Point CLO Management is an affiliate of the Greenwich, Conn.-based alternative asset manager.

CSAM taps market

Credit Suisse Asset Management sold $816,975,000 of notes in a refinancing and reset of the vintage 2016 Madison Park Funding XXII Ltd. CLO offering, according to a notice.

The CLO priced $496 million of class A-1-R floating-rate notes at Libor plus 126 bps in the senior tranche.

Barclays was the refinancing agent.

The maturity was extended to Jan. 15, 2033 from Oct. 25, 2029.

In the original $808.98 million offering issued Oct. 20, 2016, the CLO sold $516 million of the class A floating-rate notes at Libor plus 148 bps.

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

Credit Suisse Asset Management is a unit of Credit Suisse Group AG.

Carlyle prices $440 million

Carlyle GMS CLO Management priced $404 million of notes due Oct. 20, 2029 in the refinancing deal, according to a market notice.

Carlyle Global Market Strategies CLO 2016-3, Ltd./Carlyle Global Market Strategies CLO 2016-3 LLC sold $323 million of class A-1-R senior secured floating-rate notes at Libor plus 102 bps at the top of the capital stack.

Mizuho Securities USA LLC was the refinancing agent.

The original $504.8 million CLO was issued Sept. 13, 2016. In that offering, the CLO priced $323 million of class A-1 floating-rate notes at Libor plus 151 bps.

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

Carlyle Investment Management is an affiliate of the Washington, D.C.-based Carlyle Group.

HPS to refinance CLO

HPS Investment Partners intends to price at least $406 million of notes due May 6, 2030 in a refinancing of the HPS Loan Management 11-2017 Ltd./HPS Loan Management 11-2017 LLC offering, according to a market notice.

The deal includes $320 million of class A-R floating-rate notes (expected ratings Aaa//AAA); $57.5 million of class B-R floating-rate notes (expected rating Aa2) and $28.5 million of class C-R floating-rate notes (expected rating A2).

The deal also will include class D-R floating-rate notes (expected rating Baa3) and class D-F fixed-rate notes (expected rating Baa3).

RBC Capital Markets, LLC is the refinancing agent.

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

The investment management firm is based in New York City.

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