Par-Four, Greywolf, Alcentra NY refinance CLOs; refinancing volume outpaces new CLOs

By Cristal Cody

Tupelo, Miss., Oct. 24 – Details emerged on new refinancing transactions in the U.S. CLO market.

Par-Four Investment Management, LLC refinanced $462.67 million from a previously refinanced CLO.

Greywolf Capital Management LP sold $424.5 million of notes in a refinancing and reset of a vintage 2013 deal.

Alcentra NY, LLC priced $395.6 million of notes in a refinancing of a vintage 2015 CLO.

Year to date, about $140 billion of CLOs have been refinanced, while nearly $90 billion of new CLOs have priced, according to BofA Merrill Lynch.

Par-Four prices CLO

Par-Four Investment Management refinanced $462.67 million of notes due July 20, 2026 from the previously refinanced vintage 2014 Tralee CLO III, Ltd. transaction, according to a market source and a notice of executed second supplemental indenture on Monday.

Tralee CLO III priced $278 million of class A-R senior secured floating-rate notes at Libor plus 103 bps in the AAA-rated tranche.

Jefferies LLC arranged the refinancing.

The maturity on the notes was extended to Oct. 20, 2027 from the July 20, 2026 maturity.

Tralee CLO III originally priced $462.67 million of notes in eight tranches on July 9, 2014, including $47.92 million of subordinated notes as equity.

The notes were refinanced on Nov. 3, 2016.

Par-Four Investment Management is a firm based in Woodcliff Lake, N.J.

Greywolf resets CLO

Greywolf Capital Management sold $424.5 million of global secured notes in a refinancing and reset of a vintage 2013 CLO, according to a notice of executed second supplemental indenture.

Greywolf CLO II, Ltd./Greywolf CLO II, LLC priced $248 million of class A-1-R senior secured floating-rate notes at Libor plus 123 bps at the top of the capital stack.

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

The maturity on the notes is Oct. 15, 2029. The maturity on the refinanced notes was extended from the original April 15, 2025 maturity.

The original deal was issued on March 28, 2013.

Greywolf has refinanced four CLOs year to date.

The investment management firm is based in Purchase, N.Y.

Alcentra refinances CLO

Alcentra NY priced $395.6 million of notes due Oct. 20, 2027 in a refinancing of a vintage 2015 CLO deal, according to a market source and a notice of executed first supplemental indenture and executed first amendment to collateral management agreement on Monday.

Shackleton 2015-VIII CLO, Ltd./Shackleton 2015-VIII CLO LLC sold $246.15 million of the class A-1-R senior floating-rate notes at Libor plus 92 bps.

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

The original CLO priced on Aug. 20, 2015.

Alcentra has refinanced three vintage CLOs year to date.

In 2016, Alcentra priced one new CLO and refinanced one vintage CLO.

The New York-based firm is part of BNY Alcentra Group Holdings, Inc.

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