Bain Capital prices $509.7 million CLO reset; CSAM closes refinancing; secondary light

By Cristal Cody

Tupelo, Miss., Sept. 22 – In new refinancing activity, Bain Capital Credit Ltd. priced $509.7 million of notes and preferred shares in a refinancing and reset of a 2015 CLO.

Also, Credit Suisse Asset Management, LLC closed Friday on its previously reported $519 million refinancing and rest of a 2007 CLO transaction.

About $120 billion of vintage CLOs have been refinanced or reset year to date, according to market sources.

In other activity, securitized secondary trading has been light over the week, a source said.

On Thursday, $97.93 million of investment-grade CBO/CDO/CLO issues and $89.51 million of non-investment-grade securities traded, Trace reported.

High-grade securitized trading volume totaled $36.52 million on Wednesday, while $114.35 million of lower-rated securities were traded.

On Tuesday, $23.78 million of investment-grade issues and $75.83 million of non-investment-grade securities traded.

Secondary market volume was too light on Monday to register, according to Trace.

In its deal, Bain Capital Credit priced $509.7 million of notes and preferred shares in a refinancing and reset of the vintage 2015 Race Point IX CLO Ltd./Race Point IX CLO Corp. offering, according to a market source and a notice of executed supplemental indenture on Thursday.

The CLO sold $285 million of class A-1A-R floating-rate notes at Libor plus 121 basis points at the top of the capital structure.

Citigroup Global Markets Inc. arranged the refinancing.

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