Alcentra NY, Brigade refinance CLOs; Redding Ridge plans new issue; loan outflows drop

By Cristal Cody

Tupelo, Miss., Feb. 7 – In CLO market activity, Alcentra NY, LLC priced $435 million of notes in a refinancing of a vintage 2017 deal.

Also, Brigade Capital Management, LLC sold $424.82 million of notes in a second refinancing of a 2015 CLO.

Meanwhile, Redding Ridge Asset Management, LLC plans to price $501.5 million of notes in a new broadly syndicated CLO offering. The CLO manager has issued one new CLO year to date.

In other activity, outflows from leveraged loans fell to $300 million for the past week ended Wednesday from $540 million in the prior week, according to a BofA Securities, Inc. global research note released on Friday.

Alcentra refinances

Alcentra NY priced $435 million of notes due April 20, 2029 in the refinancing deal, according to market sources.

Shackleton 2017-X CLO, Ltd./Shackleton 2017-X CLO LLC sold $320 million of class A-R senior floating-rate notes at Libor plus 104 basis points in the AAA-rated tranche.

Nomura Securities International, Inc. was the refinancing placement agent.

The CLO was originally issued on March 29, 2017.

The CLO is collateralized mainly by broadly syndicated first-lien senior secured loans.

The New York-based firm is part of BNY Alcentra Group Holdings, Inc.

Brigade refinances

Brigade Capital Management priced $424.82 million of notes due July 18, 2030 in a second refinancing of Battalion CLO VIII Ltd./Battalion CLO VIII LLC, according to a notice of revised proposed supplemental indenture on Thursday.

Battalion CLO VIII sold $321.4 million of class A-1-R2 senior secured floating-rate notes at Libor plus 107 bps at the top of the capital stack.

Citigroup Global Markets Inc. arranged the offering.

In the original $504.9 million transaction issued April 9, 2015, the CLO sold $321.4 million of the class A-1 senior secured floating-rate notes at Libor plus 153 bps.

The CLO was first refinanced on June 21, 2017.

In that offering, the CLO sold $458.15 million of notes that included $321.4 million of class A-1-R senior secured floating-rate notes at Libor plus 134 bps.

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

Brigade Capital Management is a New York City-based investment advisor firm.

Redding Ridge on tap

Redding Ridge Asset Management plans to price $501.5 million of notes due April 15, 2033 in a new broadly syndicated CLO transaction, according to a market source.

The RR 8 Ltd./RR 8 LLC offering includes $2 million of class X floating-rate notes (AAA), $300 million of class A-1a floating-rate notes (AAA), $25 million of class A-1b floating-rate notes (AAA), $35 million of class A-2a floating-rate note (AA+) and $20 million of class A-2b deferrable floating-rate notes (AA).

The deal also includes $30 million of class B deferrable floating-rate notes (A), $27.5 million of class C deferrable floating-rate notes (BBB-), $21.25 million of class D deferrable floating-rate notes (BB-) and $40.75 million of subordinated notes.

BNP Paribas Securities Corp. is the placement agent.

The notes are collateralized primarily by broadly syndicated first-lien senior secured loans.

The New York City-based asset management company was established in 2016 by Apollo Global Management, LLC.

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