Saranac wraps $347.5 million CLO; GSO/Blackstone, Anchorage Capital, HPS, CVC refinance

By Cristal Cody

Tupelo, Miss., Feb. 27 – Saranac Advisory, Ltd. affiliate Saranac CLO Management, LLC closed Thursday on a new $347.5 million broadly syndicated CLO.

Meanwhile, the refinancing space remains active year to date.

Anchorage Capital Group, LLC priced $552 million of notes in a second refinancing of a vintage 2015 CLO.

CVC Credit Partners, LLC also sold $517.75 million of notes in a refinancing and reset of a vintage 2015 CLO.

GSO/Blackstone Debt Funds Management LLC refinanced $460 million of notes from a 2016 broadly syndicated CLO.

In addition, HPS Investment Partners, LLC priced $438.5 million of notes in a refinancing of a vintage 2017 CLO.

Saranac prices

Saranac CLO Management closed Thursday on the $347.5 million broadly syndicated CLO, according to market sources.

Saranac CLO VIII Ltd./Saranac CLO VIII LLC sold $39 million of class A-N senior secured floating-rate notes at Libor plus 135 basis points and $160 million of class A loans at Libor plus 135 bps at the top of the capital stack.

Jefferies LLC was the placement agent.

The notes are due in 2033.

The deal is collateralized primarily by broadly syndicated senior secured corporate loans.

Saranac is an affiliate of Canaras Capital Management, LLC, a New York City-based investment management firm.

Anchorage refinances

Anchorage Capital Group priced $552 million of notes in a second refinancing of the Anchorage Capital CLO 7, Ltd./Anchorage Capital CLO 7, LLC deal, according to a market source.

The CLO sold $372 million of class A-R2 senior secured floating-rate notes at Libor plus 109 bps in the AAA-rated tranche.

Morgan Stanley & Co. LLC was the refinancing placement agent.

The maturity was extended to Jan. 28, 2031 from the first refinancing maturity of Oct. 15, 2027.

The original $517.5 million offering was issued Sept. 17, 2015 and was first refinanced on Oct. 16, 2017.

The CLO is backed primarily by broadly syndicated senior secured loans.

The global asset manager is based in New York City.

CVC prices

CVC Credit Partners sold $517.75 million of notes in its deal, according to a notice of proposed first supplemental indenture on Wednesday.

Apidos CLO XXII/Apidos CLO XXII LLC sold $325 million of class A-1R senior secured floating-rate notes at Libor plus 106 bps in the senior tranche.

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

The maturity was extended to April 2031 from Oct. 20, 2027.

The original $513.5 million offering was issued Oct. 14, 2015.

The CLO is backed mainly by broadly syndicated first-lien senior secured corporate loans.

The New York City-based manager is a subsidiary of London-based CVC Capital Partners Ltd.

GSO/Blackstone reprices

GSO/Blackstone Debt Funds Management priced $460 million of notes due Jan. 20, 2029 in the refinancing of Taconic Park CLO Ltd./Taconic Park CLO LLC, according to a notice of revised proposed supplemental indenture on Wednesday.

The CLO sold $325 million of class A-1-R senior secured floating-rate notes at Libor plus 100 bps at the top of the capital structure.

The original $510.45 million offering was issued Dec. 20, 2016.

Credit Suisse Securities (USA) LLC was the refinancing placement agent.

The CLO is backed primarily by broadly syndicated first-lien senior secured corporate loans.

The New York City-based firm is a subsidiary of alternative asset manager GSO Capital Partners LP.

HPS prices $438.5 million

HPS Investment Partners priced $438.5 million of notes due May 6, 2030 in its refinancing transaction, according to a market source and a notice of executed supplemental indenture on Thursday.

HPS Loan Management 11-2017 Ltd./HPS Loan Management 11-2017 LLC sold $320 million of class A-R senior secured floating-rate notes at Libor plus 102 bps in the AAA-rated tranche.

RBC Capital Markets, LLC was the refinancing placement agent.

HPS Investment Partners CLO (US), LLC will continue to manage the CLO.

The original $512.07 million offering was issued May 25, 2017.

The CLO is backed primarily by broadly syndicated first-lien senior secured loans.

The investment management firm is based in New York City.

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