PGIM prices $401.3 million new CLO; Symphony, Triumph, AMMC refinance vintage CLO notes

By Cristal Cody

Tupelo, Miss., Oct. 15 – PGIM, Inc. priced a new $401.3 million CLO offering in the manager’s fifth dollar-denominated deal of 2019.

Meanwhile, three CLO managers refinanced vintage CLO notes after a slow September saw the lightest volume since the start of the year.

Symphony Asset Management LLC priced $584.25 million of notes in four tranches in a second refinancing of a 2014 CLO.

Triumph Capital Management, LLC sold $485.35 million of notes in two tranches in a partial refinancing of a vintage 2017 CLO.

American Money Management Corp. priced $371.25 million of notes in a partial refinancing of a vintage 2016 CLO.

Year to date, the new issue CLO market totals about $89 billion, which is closing in on the $110 billion of total supply forecast for the year after a late summer deal lull in August and September, according to a Wells Fargo Securities LLC October research report.

The previous month saw the lowest CLO refinancing, reset and reissue volume since February, according to the note.

More than $34 billion of vintage CLOs have been repriced this year, down from the nearly $91 billion of CLOs refinanced in the same period last year, Wells Fargo said.

PGIM prices Dryden 76

PGIM priced a new $401.3 million CLO of notes due Oct. 20, 2032, according to market sources.

Dryden 76 CLO, Ltd./Dryden 76 CLO, LLC sold $235 million of class A-1 floating-rate notes at Libor plus 133 basis points at the top of the capital stack.

BNP Paribas Securities Corp. was the placement agent.

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

PGIM has priced five dollar-denominated CLOs year to date.

The investment management firm is a subsidiary of Newark, N.J.-based Prudential Financial Inc.

Symphony refinances

Symphony Asset Management priced $584.25 million of notes in four tranches due July 14, 2026 in a second refinancing of the vintage 2014 Symphony CLO XIV, Ltd./Symphony CLO XIV, LLC transaction, according to market sources.

The CLO sold $434 million of the class A-R senior floating-rate notes at Libor plus 95 bps.

BNP Paribas Securities was the refinancing placement agent.

Symphony CLO XIV originally was issued May 22, 2014 in an $838 million transaction and was first refinanced on Jan. 17, 2017.

In the original issuance, the CLO priced $250 million of class A-1 floating-rate notes at Libor plus 137 bps, $236 million of class A-2 floating-rate notes at Libor plus 148 bps and $10 million of 3.5% class A-3 fixed-rate notes.

The asset management firm is based in San Francisco.

Triumph reprices VI notes

Triumph Capital Management priced $485.35 million of notes due July 25, 2029 in a refinancing of two tranches of a vintage 2017 CLO, according to a market source and notice of executed supplemental indenture on Tuesday.

Trinitas CLO VI Ltd./Trinitas CLO VI LLC sold $448 million of the class A-R floating-rate notes at Libor plus 117 bps, tighter than where the original class A notes priced at Libor plus 132 bps.

J.P. Morgan Securities LLC was the refinancing placement agent.

Trinitas CLO VI was originally issued as a $717.1 million offering on June 20, 2017.

The CLO manager is a subsidiary of Dallas-based Triumph Bancorp, Inc.

AMMC CLO 19 refinances

American Money Management priced $371.25 million of notes due Oct. 16, 2028 in a partial refinancing of a vintage 2016 CLO offering, according to market sources.

AMMC CLO 19, Ltd./AMMC CLO 19 Corp. sold $296 million of class A-R senior secured floating-rate notes at Libor plus 114 bps in the AAA-rated tranche.

MUFG was the refinancing placement agent.

In the original $459.86 million transaction issued Nov. 3, 2016, the CLO priced $288 million of class A floating-rate notes at Libor plus 150 bps.

American Money Management is a Cincinnati-based firm and subsidiary of insurance holding company American Financial Group, Inc.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.