Kramer Van Kirk resets $495.61 million CLO; MidOcean reprices $414.75 million notes

By Cristal Cody

Tupelo, Miss., Dec. 7 – Kramer Van Kirk Credit Strategies LP priced $495.61 million of notes in a refinancing and reset of a 2013 CLO offering as the refinancing space remains active into year-end.

The deal is Kramer Van Kirk Credit Strategies’ sixth CLO refinancing of the year.

MidOcean Credit Fund Management LP also priced $414.75 million of notes in a refinancing and reset of a vintage 2014 CLO.

In its deal, Kramer Van Kirk Credit Strategies priced $495.61 million of notes in a refinancing and reset of the KVK CLO 2013-1 Ltd./KVK CLO 2013-1 LLC transaction, according to a market source and a notice of revised proposed second supplemental indenture on Wednesday.

The CLO sold $295 million of class A-R senior secured floating-rate notes at Libor plus 90 basis points at the top of the capital structure.

Goldman Sachs & Co. was the refinancing agent.

Meanwhile, MidOcean Credit Fund Management priced $414.75 million of notes in a refinancing and reset of a vintage 2014 CLO deal, according to a market source and a notice of optional redemption by refinancing and notice of revised proposed amended and restate indenture on Wednesday.

MidOcean Credit CLO II/MidOcean Credit CLO II LLC priced the $240 million of class A-R floating-rate notes at Libor plus 126 bps.

Jefferies LLC arranged the offering.

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