Och-Ziff prices $512 million new CLO notes; Benefit Street resets $511.9 million 2013 CLO

By Cristal Cody

Tupelo, Miss., July 13 – Och-Ziff Loan Management LP priced a new $512 million CLO offering, while Benefit Street Partners LLC sold $511.9 million of notes in a refinancing and reset of a 2013 deal.

More than $50 billion of new CLOs have priced year to date, market sources report.

The refinancing space has seen nearly $100 billion of volume in 2017.

In the secondary market, trading volume totaled $86.02 million in high-grade CBO/CDO/CLO issues and $80.37 million in non-high-grade securities on Wednesday, according to Trace. Tuesday’s session saw about $55.51 million of investment-grade securities and $107.16 million of non-investment-grade issues trade.

Och-Ziff prices OZLM XVII

Och-Ziff Loan Management priced $512 million of notes due July 22, 2030 in the CLO transaction, according to a market source.

OZLM XVII, Ltd./OZLM XVII, LLC sold $322.5 million of class A-1 senior secured floating-rate notes at Libor plus 125 basis points in the senior tranche.

Morgan Stanley & Co. LLC arranged the deal.

Och-Ziff has priced two new CLOs and refinanced four vintage CLOs year to date.

The CLO manager refinanced two vintage CLOs in 2016.

The firm is an affiliate of New York City-based alternative asset management firm Och-Ziff Capital Management Group LLC.

Benefit Street refinances

Benefit Street Partners priced $511.9 million of replacement notes in a refinancing and reset of a 2013 broadly syndicated CLO, according to a market source and a notice of executed second supplemental indenture.

Benefit Street Partners CLO II Ltd./Benefit Street Partners CLO II LLC sold $307.5 million of class A-1-R senior secured floating-rate notes at Libor plus 125 bps at the top of the capital structure.

Deutsche Bank Securities Inc. was the underwriter.

The maturity on the refinanced notes is July 15, 2029, which was extended from the original July 15, 2024 maturity.

Benefit Street Partners has priced one new CLO and refinanced two vintage CLOs year to date.

The CLO manager priced one new CLO and refinanced one vintage CLO transaction in 2016.

The credit investment arm of Providence Equity Partners LLC is based in New York City.

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