CLO refinancings resume; TCW refinances 2018-1 CLO; Fortress, MJX, Redding Ridge on tap

By Cristal Cody

Tupelo, Miss., July 28 – After a standstill following the start of the Covid-19 pandemic in March, CLO refinancing action is resuming in July, sources report.

The TCW Group refinanced $90 million of notes from a vintage 2018 CLO transaction.

Meanwhile, Fortress Investment Group LLC affiliate FCOD CLO Management LLC plans to refinance one tranche of notes from a vintage 2017 middle-market CLO.

In addition, MJX Asset Management LLC is considering repricing notes from two vintage 2017 broadly syndicated CLOs.

Looking at the new issue market, Redding Ridge Asset Management, LLC joins the deal pipeline with a $388.3 million broadly syndicated CLO offering.

About $42 billion of new CLOs and nearly $24 billion of vintage CLOs have been refinanced year to date, according to market sources.

In its deal, the TCW Group priced $90 million of notes due April 25, 2031 in the refinancing, according to market sources.

TCW CLO 2018-1, Ltd./TCW CLO 2018-1 LLC sold $18.75 million of 1.92% class A-1b-R1 fixed-rate notes at the top of the capital stack.

Natixis Securities Americas LLC was the refinancing placement agent.

TCW Group subsidiary TCW Asset Management Co. LLC will continue to manage the CLO.

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