Alcentra prices new $412.5 million CLO; CSAM, American Money, Anchorage Capital refinance

By Cristal Cody

Eureka Springs, Ark., Oct. 28 – In the new issue CLO market, Alcentra NY LLC priced a $412.5 million CLO deal.

Meanwhile, refinancing activity continues to remain heavy with details emerging on three transactions.

Credit Suisse Asset Management, LLC refinanced $713 million of notes in a vintage 2012 CLO.

American Money Management Corp. refinanced $405.4 million of notes in an existing 2012 deal.

Anchorage Capital Group, LLC refinanced $387.25 million of notes from a 2014 vintage CLO.

More than $14 billion of CLOs have been refinanced year to date, according to market sources and Prospect News data.

Alcentra NY prices CLO

Alcentra NY sold $412.5 million of notes due Jan. 15, 2029 in a new broadly syndicated CLO deal, according to a market source.

Shackleton 2016-IX CLO, Ltd. priced $254 million of class A floating-rate notes at Libor plus 150 basis points in the senior tranche.

Morgan Stanley & Co. LLC was the placement agent.

Alcentra has priced one new CLO and refinanced one vintage CLO year to date.

The CLO manager priced two new CLOs in 2015.

The New York-based firm is part of BNY Alcentra Group Holdings, Inc.

CSAM refinances $713 million

Credit Suisse Asset Management refinanced $713 million of notes in the vintage 2012 Madison Park Funding X Ltd. CLO offering, according to a market source and a notice of executed first supplemental indenture.

The CLO priced $488.25 million of class A-R senior secured floating-rate notes at Libor plus 145 bps at the top of the capital stack.

Wells Fargo Securities LLC was the refinancing agent.

The maturity on the refinanced notes was extended to Jan. 20, 2029 from the original Jan. 20, 2025 due date.

Proceeds were used to redeem the original notes.

Credit Suisse Asset Management has priced three U.S. CLOs and refinanced one existing 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.

American Money Management

American Money Management refinanced $405.4 million of notes due Oct. 30, 2023 at par in a vintage 2012 CLO offering, according to a market source.

AMMC CLO XI, Ltd. sold $192.4 million of class A-1-RL loans at Libor plus 140 bps in the AAA-rated slice.

Citigroup Global Markets Inc. was the refinancing agent.

Proceeds will be used to redeem the original notes.

American Money Management has priced two new CLOs and refinanced two vintage transactions year to date.

The CLO manager priced two new CLOs in 2015.

The Cincinnati-based firm is a subsidiary of insurance holding company American Financial Group, Inc.

Anchorage Capital refinances

Anchorage Capital Group refinanced $387.25 million of notes due April 28, 2026 in the 2014 vintage Anchorage Capital CLO 3 Ltd./Anchorage Capital CLO 3 LLC transaction, according to a market source.

The CLO priced $300 million of class A-1-R senior secured floating-rate notes at Libor plus 143 bps in the senior tranche.

J.P. Morgan Securities LLC was the refinancing agent.

Proceeds from the refinancing were used to redeem the original notes on Friday.

In addition to the refinancing, Anchorage Capital Group has priced one CLO deal and one CDO offering year to date.

The New York City-based asset manager brought two CLOs and two CDOs to market in 2015.

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