Bain, Brightwood, Capital Four price; PGIM refinances Dryden 36, 70 notes; Trinitas eyed

By Cristal Cody

Tupelo, Miss., Dec. 23 – Primary and refinancing activity remains strong in the CLO market in December.

New issuance includes $401.2 million of notes from Bain Capital Credit LP in the manager’s fifth CLO offering of the year.

In the middle-market sector, Brightwood SPV Advisors, LLC sold $426.25 million of notes in a new static deal.

Capital Four CLO Management K/S also sold €356.2 million of notes in the manager’s first CLO offering of the year.

In the refinancing space, Prudential Investment Management, Inc. affiliate PGIM, Inc. priced $616 million of notes in a third reprint of a vintage 2014 CLO deal and refinanced $10.6 million of notes from a 2018 CLO.

In addition, Trinitas Capital Management, LLC refinanced $10 million of notes from a vintage 2018 CLO, shaving off 218 basis points from the original coupon.

In other activity on Wednesday, Blackstone Ireland Ltd. closed on its €323.5 million Marino Park CLO DAC deal, which priced the €201.5 million tranche of class A-1 senior secured floating-rate notes at Euribor plus 107 bps.

Also on Wednesday, OPAL BSL LLC settled its $406.75 million new broadly syndicated deal, Golub Capital Partners CLO 52(B) Ltd./Golub Capital Partners CLO 52(B) LLC. The CLO sold $240 million of class A-1 floating-rate notes at Libor plus 144 bps in the senior tranche.

Year to date, more than $86 billion of dollar-denominated CLOs, over €22 billion of euro-denominated CLOs and about $8 billion of middle-market CLOs have priced, market sources report.

More than $32 billion of CLOs have been refinanced in 2020, market sources report.

Bain prices $401.2 million

Bain Capital Credit priced $401.2 million of notes due Jan. 20, 2032 in the new CLO offering, according to market sources.

Bain Capital Credit CLO 2020-5 Ltd./Bain Capital Credit CLO 2020-5 LLC sold $248 million of class A-1 floating-rate notes at Libor plus 122 bps at the top of the capital stack.

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

Bain Capital Credit U.S. CLO Manager LLC will manage the CLO.

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

Bain Capital has priced five new CLOs in 2020.

The asset management firm is based in Boston.

Brightwood sells CLO

Brightwood SPV Advisors priced $426.25 million of notes due Dec. 15, 2028 in its new static middle-market CLO transaction, according to additional details of the offering from market sources.

Brightwood Capital MM CLO 2020-1 Ltd./Brightwood Capital MM CLO 2020-1 LLC sold $234.3 million of class A floating-rate notes at Libor plus 190 bps in the AAA-rated tranche.

Barclays was the placement agent.

The offering is collateralized primarily by middle-market first-lien senior secured loans, cash and eligible investments.

Brightwood SPV is an asset management firm owned by New York-based Brightwood Capital Advisors, LLC.

Capital Four prints notes

Capital Four CLO Management priced €356.2 million of notes due in January 2034 in the Capital Four CLO II DAC transaction, according to market sources.

The CLO sold €217 million of the class A senior secured floating-rate notes at Euribor plus 105 bps.

Barclays was the placement agent.

The CLO is collateralized primarily by broadly syndicated senior secured loans and bonds.

Capital Four CLO Management priced its debut European CLO in 2019.

The CLO manager is part of Copenhagen-based credit asset management firm Capital Four Management Fondsmaeglerselskab A/S.

PGIM brings reprint

PGIM priced $616 million of notes in a third refinancing of a vintage 2014 CLO deal, according to a market source and notice of revised proposed supplemental indenture.

Dryden 36 Senior Loan Fund/Dryden 36 Senior Loan Fund LLC priced $434 million of class A-R3 senior secured floating-rate notes at Libor plus 102 bps in the senior tranche.

Goldman, Sachs & Co. was the refinancing agent.

The CLO was originally issued Dec. 9, 2014 and was first refinanced on Dec. 21, 2016 and refinanced a second time on April 15, 2019.

In the second refinancing, the CLO priced $434 million of class A-R2 floating-rate notes at Libor plus 128 bps.

Prudential Investment Management is the primary asset management business of Newark-based Prudential Financial Inc.

PGIM refinances notes

PGIM also priced $10.6 million of notes due Jan. 16, 2032 in a partial refinancing of a 2018 CLO offering, according to a notice of proposed supplemental indenture.

Dryden 70 CLO, Ltd./Dryden 70 CLO, LLC sold $10.6 million of 2.25% class A-2BR fixed-rate notes.

In the original $506.35 million deal issued Dec. 27, 2018, the CLO priced $10.6 million of 4.311% class A-2-B fixed-rate notes.

Barclays was the placement agent on the original offering.

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

Trinitas refinances

Trinitas Capital Management came to the market to reprice $10 million of notes due Jan. 20, 2032 from a vintage 2018 CLO offering, according to market sources.

Trinitas CLO IX Ltd./Trinitas CLO IX LLC sold $10 million of 2.88% class B-2-R fixed-rate notes (Aa2).

The coupon declined 218 bps from issuance.

In the original $611.5 million offering issued Nov. 19, 2018, the CLO priced $10 million of 5.06% class B-2 fixed-rate notes.

Credit Suisse Securities was the refinancing agent.

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

The credit investment management firm is based in Dallas.

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