AB Private Credit sells $351.3 million debut CLO; CSAM, MJX refinance; secondary thins

By Cristal Cody

Eureka Springs, Ark., Dec. 20 – AB Private Credit Investors LLC priced $351.3 million of notes in the middle-market lender’s first CLO transaction, according to details from a market source.

In other activity, pricing terms emerged for two refinanced broadly syndicated CLO transactions.

Credit Suisse Asset Management, LLC sold $491.28 million of notes and loans in a refinancing of a 2015 deal.

MJX Asset Management LLC refinanced $365.4 million of notes in three tranches from a vintage 2014 CLO.

In the securitized secondary market, end-of-year trading volume is thinning but remained active on Monday. The session saw $68.86 million of investment-grade securities and $53.2 million of non-investment-grade CBO/CDO/CLO issues trade, according to Trace.

In its deal, AB Private Credit Investors sold $351.3 million of notes due Dec. 22, 2028 in the debut three-part ABPCI Direct Lending Fund CLO Ltd. offering, according to a market source.

The CLO priced $240.6 million of class A floating-rate notes at Libor plus 270 basis points in the senior tranche.

Natixis Securities Americas LLC arranged the offering.

AB Private Credit Investors will manage the CLO, which is collateralized primarily by U.S. senior secured loans.

Middle-market lender AB Private Credit Investors is a subsidiary of New York-based AllianceBernstein LP.

© 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.