Brigade Capital refinances notes from three CLOs; TICP refinances $406.8 million 2014 CLO

By Cristal Cody

Tupelo, Miss., March 30 – Refinancing action continues to remain heavy in the CLO market with one CLO manager refinancing three vintage deals.

Brigade Capital Management, LLC refinanced three vintage CLOs in the previous week.

The company priced $326 million of floating-rate notes from a vintage 2013 CLO.

Brigade Capital Management priced $324.5 million of fixed- and floating-rate notes in a refinancing of a vintage 2014 deal.

Brigade sold $319 million of floaters in a refinancing of a vintage 2014 CLO.

Also in refinancing action, TICP CLO II Management, LLC priced $406.8 million of global secured floating-rate notes.

Nearly $40 billion of CLOs have been refinanced year to date, according to market sources.

In its deal, TICP CLO II Management sold $406.8 million of global secured floating-rate notes due July 20, 2026 in a refinancing of the vintage 2014 TICP CLO II, Ltd./TICP CLO II, LLC transaction, according to a notice of revised proposed supplemental indenture on Wednesday.

The CLO priced $255 million of class A-1A-R senior secured floating-rate notes at Libor plus 116 basis points at the top of the structured deal.

TICP replaced two fixed-rate tranches from the original deal with floaters in the refinanced transaction and dropped plans to refinance the $26.4 million class C tranche of senior secured deferrable floating-rate notes that priced at Libor plus 330 bps. The class D and E notes also were not refinanced.

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