York Capital prices $405 million CLO; MeDirect Bank debuts euro deal; DFG refinances

By Cristal Cody

Tupelo, Miss., Aug. 22 – York CLO Managed Holdings, LLC priced $405 million of notes in the manager’s first broadly syndicated CLO offering of the year.

In the European primary market, MeDirect Bank (Malta) plc priced €406.51 million of notes in a debut CLO deal that closed Thursday.

In other market action, Golub Capital affiliate GC Advisors LLC closed Thursday on its previously reported $405.2 million Golub Capital Partners CLO 43(B) Ltd./Golub Capital Partners CLO 43(B) LLC transaction via Morgan Stanley & Co. LLC.

GSO/Blackstone Debt Funds Management LLC also closed Thursday on its previously reported $503.45 million Southwick Park CLO Ltd./Southwick Park CLO LLC deal that priced via Barclays.

Meanwhile, the refinancing market remains active.

DFG Investment Partners, Inc. sold $368.05 million of notes in a refinancing of a vintage 2016 CLO.

About $70 billion of dollar-denominated CLOs have priced year to date, while euro-denominated supply totals about €20 billion, according to market sources.

CLO managers have refinanced more than $30 billion of vintage CLOs so far this year.

York Capital brings CLO-6

York CLO Managed Holdings priced $405 million of notes due July 22, 2032 in the broadly syndicated CLO transaction, according to market sources.

York CLO-6 Ltd./York CLO-6 LLC sold $252 million of class A-1 floating-rate notes at Libor plus 135 basis points and $8 million of class A-2 floating-rate notes at Libor plus 185 bps at the top of the capital stack.

Goldman Sachs & Co. LLC arranged the transaction.

The CLO is backed primarily by senior secured loans.

York CLO Managed Holdings was last in the primary market in 2018 with one new CLO deal.

The New York City-based firm is a subsidiary of York Capital Management Global Advisors, LLC.

MeDirect prices CLO

MeDirect Bank priced €406.51 million of notes due March 15, 2032 in the Grand Harbour CLO 2019-1 DAC deal, according to a market source.

The CLO sold €250 million of the class A senior secured floating-rate notes at par to yield Euribor plus 120 bps.

Barclays was the placement agent.

The CLO is collateralized primarily by broadly syndicated senior secured obligations.

MeDirect Bank is a Sliema, Malta-based bank and financial services company.

DFG refinances CLO

DFG Investment Partners sold $368.05 million of notes in a refinancing of Vibrant CLO IV Ltd./Vibrant CLO IV LLC, according to a market source.

Vibrant CLO IV sold $249 million of class A-1-R senior secured floating-rate notes at Libor plus 138 bps and $16.3 million of class A-2-R senior secured floating-rate notes at Libor plus 180 bps in the AAA-rated tranches.

Morgan Stanley & Co. LLC was the refinancing placement agent.

The maturity was extended to July 20, 2032 from July 2028.

The original $406 million CLO was issued June 10, 2016.

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

DFG Investment Advisors has priced one new CLO and one refinanced CLO year to date.

The company priced three new CLOs in 2018.

The asset management firm is based in New York.

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