Seix prints $406.4 million; GC Investment to refinance 2015 CLO; loan outflows decline

By Cristal Cody

Tupelo, Miss., Jan. 3 – Seix Investment Advisors LLC plans to close later in January on a new $406.4 million broadly syndicated CLO that priced in December.

Meanwhile, one middle-market CLO manager is moving forward with refinancing plans in the new year.

GC Investment Management LLC intends to refinance a vintage 2015 middle-market CLO’s senior tranche.

Middle-market issuers refinanced about $2.5 billion of vintage CLO deals in 2019, according to market sources.

Looking at the secondary market, trading volume was light in the first session of 2020.

On Thursday, $38.34 million of investment-grade CBO/CDO/CLO paper traded at an average 99.60 price and a weighted average price of 99.40, Trace data shows.

No reported amount of lower-rated CBO/CDO/CLO securities was traded over the session.

In other activity, outflows from leveraged loans decelerated to $370 million for the past week ended Wednesday from $560 million in the previous week, Yunyi Zhang, a credit strategist with BofA Securities Inc., said in a global research note released on Friday.

Mountain View XV prices

Seix Investment Advisors priced $406.4 million of 13-year notes in a CLO offering, according to additional details of the previously reported deal from market sources.

Mountain View CLO XV, Ltd./Mountain View CLO XV, LLC sold $244 million of class A-1 floating-rate notes at Libor plus 140 basis points at the top of the capital stack.

Goldman Sachs & Co. LLC was the structuring and placement agent.

The offering is collateralized mainly by broadly syndicated senior secured corporate loans.

The investment management company and affiliated manager of Virtus Investment Partners is based in Park Ridge, N.J.

GC Investment plans reprint

GC Investment Management plans a second reprint of notes from a vintage 2015 middle-market CLO offering, according to a notice of optional redemption by refinancing on Thursday.

Golub Capital Partners CLO 28(M) Ltd./Golub Capital Partners CLO 28(M) LLC expects to redeem $402,546,533.33 of class A-R floating-rate notes and the vehicle’s subordinated notes, which has approximately $146.17 million currently outstanding.

Wells Fargo Securities LLC is the underwriter.

The CLO notes originally were issued Dec. 18, 2015 and were first refinanced Dec. 12, 2017.

The Rule 144A and Regulation S transaction is backed primarily by middle-market senior secured corporate loans.

GC Investment Management is an affiliate of New York-based middle market lender Golub Capital.

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