Fortress Investment sells $401 million CLO; BNP refinances €215.25 million AAA notes

By Cristal Cody

Tupelo, Miss., Oct. 9 – In new October issuance, Fortress Investment Group LLC sold $401 million of notes in its second new CLO offering priced in 2019.

Several deals are in the pipeline and expected to price in both the dollar- and euro-denominated primary markets, a source said.

CLO refinancing action also is picking up in October in Europe with a euro-denominated tranche from a 2017 CLO repriced.

BNP Paribas Asset Management France SAS refinanced €215.25 million of AAA-rated notes in the transaction.

In its deal, Fortress Investment Group sold $401 million of notes due Oct. 20, 2032 in the offering, according to market sources.

Fortress Credit BSL VIII Ltd./Fortress Credit BSL VIII LLC priced $191 million of class A-1A floating-rate notes at Libor plus 144 basis points at the top of the capital stack.

Natixis Securities Americas LLC was the placement agent.

FS BSL VIII Management LLC will manage the CLO.

Meanwhile, BNP Paribas Asset Management France refinanced €215.25 million of notes due Oct. 15, 2031 from the AAA-rated tranche of a vintage 2017 CLO deal, according to a market source.

BNPP AM Euro CLO 2017 BV priced €215.25 million of class A-R senior secured floating-rate notes at Euribor plus 65 bps.

BNP Paribas, London Branch was the refinancing placement agent.

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