Crescent Capital sells $403.1 million CLO; KKR refinances; high-grade secondary active

By Cristal Cody

Tupelo, Miss., June 13 – In new broadly syndicated CLO issuance, Crescent Capital Group LP sold $403.1 million of notes in an offering expected to close in June.

In other deal action, KKR Financial Advisors II, LLC priced $644.3 million of notes at par in a refinancing of a 2016 CLO transaction.

Meanwhile, secondary market volume in high-grade CBO/CDO/CLO notes was strong on Wednesday with $408.58 million of trading volume, according to Trace data. Lower-rated securities saw $111.38 million of trades in the previous session.

In its deal, Crescent Capital Group sold $403.1 million of notes in the new issue Atlas Senior Loan Fund XIV, Ltd./Atlas Senior Loan Fund XIV, LLC transaction, according to a market source.

At the top of the capital stack, the CLO priced $256 million of class A floating-rate notes at Libor plus 143 basis points.

Barclays was the placement agent.

Meanwhile, KKR Financial Advisors II priced $644.3 million of notes due Jan. 22, 2029 at par in a refinancing of the KKR CLO 16 Ltd./KKR CLO 16 LLC transaction, according to a market source.

The CLO sold $456 million of the class A-1-R senior secured floating-rate notes at Libor plus 125 bps.

Citigroup Global Markets Inc. was the placement agent.

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