Crestline Denali refinances $361.23 million CLO; high-grade secondary trading active

By Cristal Cody

Tupelo, Miss., Oct. 31 – Crestline Denali Capital, LP returned to the CLO primary market to price a $361.23 million refinancing and reset of a vintage 2013 CLO transaction.

CLO managers have refinanced and/or reset more than $140 billion of CLOs year to date, according to market sources.

In the secondary market, trading was active on Monday, according to the latest Trace data.

More than $116 million of high-grade CBO/CDO/CLO issues and $42.02 million of non-investment-grade securities were traded on Monday.

Crestline resets 2013 CLO

Crestline Denali Capital priced $361.23 million of notes in a refinancing and reset of a vintage 2013 CLO offering, according to a market source and a notice of executed first supplemental indenture on Monday.

Denali Capital CLO X, Ltd./Denali Capital CLO X LLC priced the $207.5 million of class A-1L-R senior secured floating-rate notes at Libor plus 105 basis points.

RBS Securities Inc. arranged the deal.

The maturity on the refinanced notes was extended to Oct. 26, 2027 from the original April 28, 2025 maturity.

The original $417.35 million CLO was issued on March 28, 2013.

Crestline Denali has priced one new CLO and refinanced one vintage CLO year to date.

The Oak Brook, Ill.-based asset management firm priced two CLO deals in 2016.

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