MP CLO Management refinances CLO second time; steady refinancing action forecast

By Cristal Cody

Tupelo, Miss., Sept. 14 – MP CLO Management LLC returned to the CLO market to price $554.93 million of notes in a second refinancing of a 2015 CLO deal.

Year to date, CLO managers have refinanced and/or reset about $78 billion of vintage CLOs, according to a Wells Fargo Securities LLC research report.

The refinancing space has been quieter in September, but volume is expected to increase in October and remain strong through the end of the year, market sources report.

MP prices CLO VII

MP CLO Management priced $554.93 million of notes due Oct. 18, 2028 in the MP CLO VII, Ltd./MP CLO VII, LLC deal, according to a market source and a notice of executed amended and restated indenture on Thursday.

MP CLO VII, originally named ACAS CLO 2015-1, Ltd./ACAS CLO 2015-1 LLC, priced the $351 million of class A-RR senior secured floating-rate notes at Libor plus 108 basis points.

Barclays was the refinancing agent.

MP CLO Management, formerly known as American Capital CLO Management, LLC, is the CLO manager.

The CLO originally was issued May 6, 2015 and first refinanced on Dec. 28, 2017.

Proceeds from the deal were used to redeem the original refinanced notes.

MP CLO Management is a subsidiary of Greenwich, Conn.-based Marble Point Credit Management LLC, which is the investment manager of Marble Point Loan Financing Ltd.

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