Strong CLO refinancing pace continues; CIFC, Sound Point Capital, Onex refinance CLOs

By Cristal Cody

Tupelo, Miss., April 11 – Three more CLO managers returned to the CLO market to refinance vintage deals as refinancing action continues to remain strong in 2017.

CIFC Asset Management LLC refinanced $492.5 million of notes from a 2014 transaction.

Sound Point Capital Management LP priced $492 million of notes in a refinancing of a 2014 CLO.

Also, Onex Credit Partners, LLC refinanced a vintage 2013 CLO offering.

Nearly $59 billion of CLOs have been refinanced and repriced year to date, according to J.P. Morgan Securities LLC.

CIFC refinances $492.5 million

CIFC Asset Management refinanced $492.5 million of notes due April 18, 2025 in the CIFC Funding 2014 Ltd./CIFC Funding 2014, LLC CLO transaction, according to a supplement to notice of proposed supplemental indenture and optional redemption and withdrawal of class D note redemption on Monday.

CIFC Funding 2014 priced $372.25 million of class A-R floating-rate notes at Libor plus 105 basis points in the senior slice.

Credit Suisse Securities (USA) LLC was the refinancing agent.

CIFC Asset Management has priced two new CLOs and refinanced two vintage CLOs year to date.

The credit manager is based in New York.

Sound Point Capital refinances

Sound Point Capital Management priced $492 million of notes due April 26, 2025 in a refinancing of the vintage 2014 Sound Point CLO II, Ltd. transaction, according to a market source.

The CLO sold $360 million of class A-1-R floating-rate notes at Libor plus 114 bps at the top of the deal structure.

Credit Suisse Securities (USA) LLC arranged the deal.

Sound Point Capital, a New York-based asset management firm, priced three new CLO deals in 2016.

Onex refinances

Onex Credit Partners amended and upsized a vintage 2013 collateralized loan obligation in a refinancing transaction, according to a release on Tuesday from parent Onex Corp.

Onex increased the size of the OCP CLO 2013-4 Ltd./OCP CLO 2013-4 Corp. deal by $105 million to about $600 million.

The refinanced CLO also extended the reinvestment period by four years.

Following the closing of the refinancing, Onex Credit will manage about $8 billion, according to the release.

Onex Credit Partners is the credit investing arm of Toronto-based private equity firm Onex.

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