Investcorp prices $612.3 million; Greywolf, CVC refinance CLOs; secondary action light

By Cristal Cody

Tupelo, Miss., June 23 – Investcorp Credit Management US LLC came with a new $612.3 million CLO deal.

Also, details emerged for Greywolf Capital Management LP’s $538.75 million refinancing of a 2014 CLO.

In addition, CVC Credit Partners, LLC refinanced $524.75 million of notes from a vintage CLO.

New deal volume totals about $40 billion year to date, while about $90 billion of CLOs have been refinanced in 2017, according to market sources.

Secondary market volume has been light over the week. On Wednesday, $39.35 million of investment-grade CBO/CDO/CLO issues and $99.55 million of non-high-grade securities were traded, according to the latest data from Trace.

In the previous session, $34.17 million of high-grade issues and $47.39 million of non-high-grade securities were traded.

Investcorp brings CLO

Investcorp Credit Management US sold $612.3 million of notes due July 17, 2029 in the Jamestown CLO X, Ltd./Jamestown CLO X Corp. transaction, a market source said.

The CLO priced $384 million of class A-1 senior secured floating-rate notes at Libor plus 125 basis points in the senior tranche.

BofA Merrill Lynch was the placement agent.

Investcorp Credit Management was formed earlier in the year following Investcorp Bank BSC’s acquisition of 3i Debt Management from 3i Group plc.

The investment firm has offices in London, New York and Singapore.

Greywolf sells $538.75 million

Greywolf Capital Management sold $538.75 million of global secured notes due April 22, 2026 in a refinancing of a vintage 2014 CLO, according to a notice of proposed supplemental indenture on Friday.

Greywolf CLO III, Ltd./Greywolf CLO III, LLC priced $385.25 million of class A-1-R senior secured floating-rate notes at Libor plus 111 bps in the senior tranche.

J.P. Morgan Securities LLC was the refinancing placement agent.

In the original $640.99 million deal priced on March 12, 2014, 2014, the CLO sold the $385.25 million of class A-1 senior secured floating-rate notes at Libor plus 154 bps.

Greywolf has refinanced two CLOs year to date.

The investment management firm is based in Purchase, N.Y.

CVC refinances $524.75 million

CVC Credit Partners sold $524.75 million of notes due Jan. 19, 2025 in a refinancing of the Apidos CLO XVI/Apidos CLO XVI LLC transaction, according to a market source and a notice of executed second supplemental indenture.

Apidos CLO XVI priced $383 million of class A-1-R senior secured floating-rate notes at Libor plus 98 bps at the top of the capital structure.

Credit Suisse Securities (USA) LLC arranged the transaction.

In the original $625 million transaction that was issued on Jan. 9, 2014, the CLO sold the $383 million of class A-1 senior secured floating-rate notes at Libor 145 bps.

CVC Credit Partners has refinanced four vintage CLOs year to date.

The New York-based subsidiary of London-based CVC Capital Partners Ltd. priced two new CLOs and refinanced two CLOs in 2016.

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