Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers B > Headlines for Bain Capital Credit CLO 2017-1 Ltd./Bain Capital Credit CLO 2017-1, Corp. > News item |
Onex, Bain Capital price CLOs; Greywolf refinances $376.2 million; AAAs flat, BBs tighten
By Cristal Cody
Tupelo, Miss., June 19 – CLO primary and refinancing activity is picking up, according to market sources on Monday.
Onex Credit Partners, LLC priced about $610 million of notes in its first dollar-denominated CLO offering of the year.
Also, Bain Capital Credit CLO Advisers LP priced $510.31 million of notes in the Bain Capital Credit CLO 2017-1 Ltd./Bain Capital Credit CLO 2017-1, Corp. deal, a source said. Citigroup Global Markets Inc. was the placement agent. Final pricing details were not immediately available.
In refinancing action, Greywolf Capital Management LP priced $376.2 million of notes in a refinancing of a vintage CLO.
“Refi volumes have slowed but we still saw eight refi/reset deals priced since last Friday,” BofA Merrill Lynch analysts said in a note.
In the secondary market, CLO spreads ended the week on Friday mixed with 2.0 AAAs flat at the Libor plus 115 basis points area, while BB tightened 25 bps to the Libor plus 550 bps area, according to the note.
Onex prices CLO
Onex Corp. announced on Monday that Onex Credit Partners priced about $610 million of notes due July 15, 2030 in its 13th collateralized loan obligation deal.
The OCP CLO 2017-13 Ltd./OCP CLO 2017-13 LLC transaction was upsized from an expected $508.2 million offering.
Natixis Securities Americas LLC was the placement agent.
The deal was expected to include eight tranches of fixed-rate, floating-rate and subordinated notes. Final pricing details were not available by press time.
Onex said it has committed to purchase and hold a majority of the equity for the life of the transaction.
The CLO has a two-year non-call period and a five-year reinvestment period.
The notes are backed primarily by broadly syndicated senior secured loans.
Onex has priced one new dollar-denominated CLO year to date.
The private equity firm is based in Toronto.
Greywolf refinances
Greywolf Capital Management priced $376.2 million of global secured notes due Jan. 17, 2027 in a refinancing of a 2014 CLO, according to a market source and a notice of proposed supplemental indenture on Friday.
Greywolf CLO IV, Ltd./Greywolf CLO IV, LLC sold $269.18 million of class A-1-R senior secured floating-rate notes at Libor plus 121 bps in the senior tranche.
J.P. Morgan Securities LLC is the refinancing agent.
In the original deal priced on Nov. 12, 2014, the CLO sold $269.18 million of class A-1 floating-rate notes at Libor plus 153 bps.
Proceeds from the refinancing will be used to redeem the original class A-1, A-2, B and C notes.
The transaction is backed primarily by broadly syndicated senior secured corporate loans.
Greywolf Capital Management, a Purchase, N.Y.-based investment management firm, previously was in the CLO primary market in 2015 with a $658.9 million CLO deal.
© 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.