Symphony prices $515.25 million CLO; Apollo, Ares refinance vintage deals; secondary quiet

By Cristal Cody

Eureka Springs, Ark., Sept. 20 – Primary and refinancing activity remains active in the CLO markets, while secondary trading thinned.

Symphony Asset Management LLC priced $515.25 million of notes in a new CLO offering.

Apollo Credit Management (CLO) LLC refinanced $728.92 million of notes from a vintage 2012 deal.

Ares Management LP also refinanced $507.25 million of notes in a vintage 2012 CLO.

In other new issue activity, Onex Credit Partners, LLC priced its 12th CLO, the OCP CLO 2016-12, Ltd. transaction, via BoA Merrill Lynch, according to a market source. Final pricing details were not available by press time.

Also, PGIM Ltd. priced the Dryden 46 Euro CLO BV transaction via Barclays, a source said. Final pricing details were not available by press time.

Secondary trading was light on Monday. During the session, $35.81 million traded in nine high-grade CBO/CDO/CLO issues and $51.3 million traded in eight non-investment-grade CBO/CDO/CLO securities, according to Trace.

Symphony Asset Management priced $515.25 million of notes in the TCI-Symphony CLO 2016-1 Ltd. transaction, according to a market source.

TCI-Symphony CLO 2016-1 sold $320 million of class A floating-rate notes at Libor plus 148 basis points in the AAA-rated tranche.

BofA Merrill Lynch was the placement agent.

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