CIFC prices; CSAM, ArrowMark Colorado refinance vintage CLOs; secondary spreads unmoved

By Cristal Cody

Tupelo, Miss., Aug. 12 – New issue and refinancing activity remains steady in the dollar-denominated CLO market so far in August.

CIFC Asset Management LLC priced $507 million of notes in the CIFC Funding 2019-V, Ltd. broadly syndicated CLO offering via BofA Securities Inc., according to a market source.

Final pricing details were not immediately available.

In the refinancing market, Credit Suisse Asset Management, LLC priced a $693.1 million reprint of a vintage 2016 CLO deal.

ArrowMark Colorado Holdings LLC sold $136 million of notes in a refinancing of a 2017 CLO deal.

Meanwhile, the U.S. CLO secondary market has been active with just under $520 million of BWIC volume last week, according to a BofA Merrill Lynch research note released on Monday.

“Consistent with what we have seen over the past few weeks, senior bonds generally remained well supported by decent bids,” the report said. “Towards the bottom of the stack, bid levels followed broad market sentiments but saw somewhat weak levels for paper coming from lower-tiered managers. Most of the equity items on bid lists did not end up trading.”

Spreads were flat on the week with AAAs going out Friday unchanged in general at the Libor plus 115 basis points area.

CSAM refinances

Credit Suisse Asset Management priced $693.1 million of notes due October 2029 in a refinancing of the Madison Park Funding XXIV Ltd./Madison Park Funding XXIV LLC transaction, according to a notice of revised supplemental indenture on Friday.

Madison Park Funding XXIV sold $480 million of class A-R senior secured floating-rate notes at Libor plus 116 bps at the top of the capital stack.

Goldman Sachs & Co. LLC was the refinancing placement agent.

The original CLO was issued Dec. 20, 2016. In that offering, it priced $465 million of the class A floating-rate notes at Libor plus 141 bps.

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

Credit Suisse Asset Management is a unit of Credit Suisse Group AG.

ArrowMark reprices notes

ArrowMark Colorado Holdings sold $136 million of notes in its refinancing of a broadly syndicated CLO deal, according to a notice of executed first supplemental indenture on Friday.

Peaks CLO 2, Ltd. priced $44 million of the class A-1a-R senior secured floating-rate notes at Libor plus 180 bps.

Goldman Sachs arranged the refinancing.

ArrowMark Colorado Holdings LLC replaces 325 Fillmore LLC as the CLO manager.

The maturity was extended to July 2031 from July 2029.

In the original transaction issued May 18, 2017, the CLO priced $69.21 million of the class A-1 senior secured floating-rate notes at Libor plus 225 bps.

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

ArrowMark Colorado Holdings LLC, formerly known as Arrowpoint Asset Management, LLC, is based in Denver.

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