Assurant prices $464.02 million new CLO; HPS Investment Partners refinances $690 million CLO

By Cristal Cody

Tupelo, Miss., Aug. 7 – In new pricing action in the CLO market, Assurant CLO Management, LLC sold $464.02 million of notes in the manager’s third transaction to date and second one of the year.

The CLO refinancing market also remains active.

HPS Investment Partners, LLC reset $690 million of notes from a 2016 CLO offering.

Nearly $70 billion of new CLOs have priced year to date, while nearly $80 billion of vintage CLOs have been refinanced this year, according to market sources.

Assurant brings CLO III

Assurant CLO Management priced $464.02 million of notes due Oct. 20, 2031 in the Assurant CLO III, Ltd. transaction, according to a market source.

The CLO sold $296.7 million of class A floating-rate notes at Libor plus 123 basis points in the senior tranche.

J.P. Morgan Securities, LLC arranged the transaction.

The deal is backed primarily by broadly syndicated first lien senior secured loans.

Assurant CLO Management is a subsidiary of Assurant Investment Management, LLC.

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