GC reprices $400 million; Antares, CVC bring deals; Seix plans CLO reset; spreads firm

By Cristal Cody

Tupelo, Miss., Jan. 13 – GC Investment Management LLC priced a $400 million second reprint of notes from a vintage 2015 middle-market CLO in the year’s first transaction.

Meanwhile, details emerged on Antares Capital Advisers LLC’s $400.8 million middle-market CLO deal that priced just ahead of the Christmas holiday.

CVC Credit Partners U.S. CLO Management LLC also was in the primary market before the year ended with a $404.6 million broadly syndicated CLO offering.

Meanwhile, Seix Investment Advisors LLC is marketing a refinancing of a 2016 broadly syndicated CLO deal.

The secondary market saw $509 million of BWIC volume last week, up from $44 million in the prior holiday-shortened week, according to a BofA Securities, Inc. global research note released on Monday.

“We saw 56% of the bids for BBs, indicating the momentum we saw in December has carried over to the new year,” BofA Securities analysts said. “Spreads tightened across the stack on the back of strong customer demand and the current rally in loan prices.”

Broadly syndicated CLO AAA tranches tightened 2 basis points on the week to the Libor plus 111 bps area, while at the bottom of the capital stack, B tranches came in 50 bps week over week to the Libor plus 1,150 bps average range.

Golub 28(M) refinances

GC Investment Management priced a $400 million second reprint of notes from the vintage 2015 middle-market CLO, according to an informed source and a second notice of optional redemption by refinancing.

Golub Capital Partners CLO 28(M) Ltd./Golub Capital Partners CLO 28(M) LLC sold $400 million of class A-R floating-rate notes at a weighted average spread of Libor plus 212 bps.

Wells Fargo Securities LLC was 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.

Antares sells CLO

Antares Capital Advisers priced $400.8 million of notes due Jan. 23, 2032 in the Antares CLO 2019-2, Ltd./Antares CLO 2019-2, LLC middle-market CLO transaction, according to market sources.

The CLO sold $200 million of class A-1A floating-rate notes at Libor plus 175 bps at the top of the capital stack.

Citigroup Global Markets Inc. was the placement agent.

The notes are backed primarily by middle-market senior secured term loans.

Antares priced two CLO transactions in 2019, following three new middle-market CLO deals in 2018.

The Chicago-based investment management firm is an affiliate of Antares Holding LP.

CVC sells $404.6 million

CVC Credit Partners U.S. CLO Management priced $404.6 million of notes due Jan. 20, 2033 in the broadly syndicated CLO deal, Apidos CLO XXXII/Apidos CLO XXXII LLC, according to market sources.

Apidos CLO XXXII sold $248 million of the class A-1 floating-rate notes at Libor plus 132 bps.

Credit Suisse Securities (USA) LLC was the placement agent.

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

CVC Credit Partners, a New York City-based subsidiary of London-based CVC Capital Partners Ltd. and affiliate of CVC Credit Partners, LLC, priced two new CLOs in 2019.

Seix to refinance CLO

Coming up, Seix Investment Advisors intends to refinance notes from a 2016 CLO deal, according to a notice of proposed supplemental indenture on Friday.

The Mountain View CLO 2016-1, Ltd./Mountain View CLO 2016-1, Corp. deal includes class X-R senior floating-rate notes; class A-R senior floating-rate notes; class B-R senior floating-rate notes; class C-R mezzanine deferrable floating-rate notes; class D-R mezzanine deferrable floating-rate notes, class E-R junior deferrable floating-rate notes and class F-R junior deferrable floating-rate notes.

Mizuho Securities (USA) LLC is the refinancing placement agent.

The maturity will be extended to January 2033 from Jan. 14, 2029.

The original transaction priced Nov. 7, 2016.

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

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