Brigade Capital, Barings price CLOs; CIFC to refinance; spreads unchanged across stack

By Cristal Cody

Eureka Springs, Ark., Oct. 31 – Primary and refinancing action continues to remain strong in the CLO markets, according to sources on Monday.

Brigade Capital Management, LLC brought a $404.3 million CLO deal in its first transaction of the year.

Barings LLC, formerly known as Babson Capital Management LLC, priced a $512.3 million CLO.

Coming up, CIFC Asset Management LLC intends to refinance $488.4 million of notes in a vintage 2015 CLO deal.

CLO spreads across the capital structure ended Friday flat on the week, according to a BofA Merrill Lynch note. AAAs were unchanged at Libor plus 140 basis points.

Barings sold $512.3 million of notes due Jan. 15, 2028 in the Barings CLO Ltd. 2016-III transaction, according to a market source.

The CLO sold $310 million of class A-1 senior secured floating-rate notes at Libor plus 143 bps at the top of the capital stack.

The deal was downsized from an initial $614.3 million offering.

Citigroup Global Markets Inc. was the underwriter.

Brigade Capital Management priced a $404.3 million collateralized loan obligation offering, according to a market source.

Battalion CLO X Ltd./Battalion CLO X LLC sold $260 million of class A-1 floating-rate notes at Libor plus 155 bps in the senior tranche.

Citigroup Global Markets Inc. was the deal arranger.

© 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.