CBAM prices $1 billion; PGIM resets 2015 CLO; BlackRock refinances €474 million notes

By Cristal Cody

Tupelo, Miss., March 15 – CBAM CLO Management LLC sold $1,000,750,000 of notes in the firm’s first CLO deal of 2018.

CBAM brought three $1 billion-plus CLO transactions to the primary market in 2017.

In refinancing action, PGIM, Inc. priced $566.1 million of notes in a refinancing and reset of a 2015 CLO offering.

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

KKR Financial Advisors II, LLC also closed on the refinancing and reset of the vintage 2015 KKR Financial CLO 13 Ltd./KKR Financial CLO 13 LLC deal on Monday, a source said. Final pricing details were not immediately available.

The European market also is seeing refinancing activity. BlackRock Investment Management (UK) Ltd. priced €474 million of notes in a refinancing and reset of a vintage 2016 deal.

In its new deal, CBAM CLO Management sold $1,000,750,000 of notes due April 17, 2031, according to market sources.

The CBAM 2018-5, Ltd./CBAM 2018-5 LLC vehicle priced $640 million of class A floating-rate notes at Libor plus 102 bps in the senior tranche.

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

The class A notes have a 1.5-year non-call period, while the remaining tranches have a two-year non-call period. The CLO has a five-year reinvestment period.

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