Columbia Management Investment prices $473.46 million CLO; high-grade issues active

By Cristal Cody

Tupelo, Miss., Nov. 7 – Columbia Management Investment Advisors, LLC priced $473.46 million of notes in a reissue of a vintage 2014 CLO deal that was partially refinanced in 2016.

More than $130 billion of CLOs have been refinanced or repriced year to date, according to market sources.

In the secondary market, securitized trading volume rose on Tuesday, according to Trace data.

The session had $258.8 million of high-grade CBO/CDO/CLO issues traded, as well as $106.58 million of non-high-grade CBO/CDO/CLO trading volume.

The average price on the high-grade securities was par and the non-investment-grade issues had an average trading price of 93.40.

In the same period a week ago, $204.85 million of high-grade CBO/CDO/CLO issues and $186.67 million of lower-rated securities traded.

The high-grade securities traded with an average price of 99.20, while the non-investment-grade issues had an average trading price of 84.70.

On Monday, trading volume included $54.59 million of high-grade CBO/CDO/CLO issues with an average price of 99.70 and $55.54 million of lower-rated securities with an average trading price of 98.50.

Cent CLO reissue

Columbia Management Investment Advisors priced $473.46 million of notes due Nov. 7, 2030 in a reissue of a vintage 2014 broadly syndicated CLO, according to market sources.

Columbia Cent CLO 28 Ltd./Columbia Cent CLO 28 LLC sold $274.88 million of class A-1 floating-rate notes at Libor plus 126 basis points at the top of the capital stack.

Morgan Stanley & Co. LLC was the placement agent.

The offering is a reissue of the Cent CLO 22 Ltd./Cent CLO 22 LLC transaction that was priced in October 2014 and refinanced Nov. 7, 2016.

In the partial refinancing, the CLO sold $383.75 million of class A-1-R floating-rate notes at Libor plus 141 bps.

The CLO originally sold $319.8 million of class A-1 floating-rate notes at Libor plus 148 bps.

The reissued CLO is collateralized primarily by broadly syndicated senior secured corporate loans.

Columbia Management Investment is an investment management firm based in Boston.

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