AXA prices $306.6 million CLO; Brigade refinances $368.2 million; Carlyle to reset CLO

By Cristal Cody

Tupelo, Miss., May 14 – In the CLO broadly syndicated primary market, AXA Investment Managers, Inc. priced $306.6 million of notes in the manager’s first deal of the year.

The CLO refinancing market also is showing more activity with one deal closing on Tuesday and another in the works.

Brigade Capital Management, LLC priced $368.2 million of notes in a refinancing of a 2016 CLO transaction that closed on Tuesday.

Meanwhile, Carlyle CLO Management LLC plans to refinance notes from a 2015 CLO transaction.

In its deal, AXA Investment Managers priced $306.6 million of notes due April 20, 2032 in the new CLO offering, according to market sources.

Allegro CLO X, Ltd./Allegro CLO X LLC sold $192 million of the class A floating-rate notes at Libor plus 142 basis points.

BofA Securities Inc. was the placement agent.

Meanwhile, Brigade Capital Management priced $368.2 million of notes due Jan. 24, 2029 in a refinancing of a 2016 CLO offering, according to a market source.

At the top of the capital stack, Battalion CLO X Ltd./Battalion CLO X LLC sold $260 million of class A-1R floating-rate notes at Libor plus 125 bps and $38.2 million of class A-2R floating-rate notes at Libor plus 180 bps.

The notes priced at par.

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