Carlyle refinances firm’s fifth vintage CLO of 2016; securitized secondary market active

By Cristal Cody

Eureka Springs, Ark., Dec. 5 – Carlyle Investment Management LLC refinanced $579 million of notes in a vintage 2014 CLO transaction in the CLO manger’s fifth refinanced transaction of 2016, according to a market source on Monday.

More than $22.5 billion of CLOs have been refinanced year to date, according to a market source.

Refinancing activity is expected to stay strong through the Dec. 24 effective date for U.S. CLO risk retention regulations.

In the securitized secondary market on Friday, $128.26 million of high-grade CBO/CDO/CLO issues were traded, according to Trace.

Non-investment-grade CBO/CDO/CLO issues totaling $146.7 million were traded during the session.

Carlyle refinances CLO

Carlyle Investment Management sold $579 million of notes due April 17, 2025 in a refinancing of the Carlyle Global Market Strategies CLO 2014-1 Ltd. transaction, according to a market source.

Carlyle Global Market Strategies CLO 2014-1 priced $448 million of class A-R floating-rate notes at Libor plus 130 basis points, $67 million of class B-R floating-rate notes at Libor plus 180 bps and $64 million of class C-R floating-rate notes at Libor plus 275 bps.

Credit Suisse Securities (USA) LLC arranged the refinancing.

Carlyle has priced four new CLOs and refinanced five vintage CLOs year to date.

The CLO manager priced five U.S. broadly syndicated CLO deals and one middle-market CLO offering in 2015.

The asset management firm is an affiliate of the Washington, D.C.-based Carlyle Group.

© 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.