GSO/Blackstone brings fifth new CLO of year; Kramer Van Kirk prices; PineBridge refinances

By Cristal Cody

Eureka Springs, Ark., Dec. 23 – Details emerged on two new CLO deals priced in December and one euro-denominated refinanced transaction.

GSO/Blackstone Debt Funds Management LLC priced $510.45 million of notes in its fifth new transaction of the year.

Kramer Van Kirk Credit Strategies LP returned to the primary market for the first time this year with a $355.5 million CLO.

In the European space, PineBridge Investments Europe Ltd. refinanced €411.1 million of notes in a vintage 2013 CLO.

Year to date, more than $89 billion of CLOs have been priced or refinanced, according to Prospect News data.

CLO managers have priced and refinanced more than €18 billion of CLOs in 2016.

In the securitized secondary market, trading has been active over the week.

On Thursday, $195.9 million of investment-grade CBO/CDO/CLO issues and $94.9 million of non-investment-grade securities traded, according to Trace.

The high-grade securitized secondary market saw $213.79 million of issues trade on Wednesday, $249.7 million on Tuesday and $68.86 million on Monday.

In non-investment-grade CBO/CDO/CLO secondary trading, $351.03 million of securities were traded on Wednesday, $249.7 million on Tuesday and $53.2 million on Monday.

GSO/Blackstone prices

GSO/Blackstone Debt Funds Management priced $510.45 million of notes due Jan. 20, 2029 in the Taconic Park CLO Ltd./Taconic Park CLO LLC transaction, according to a market source.

The CLO cold $325 million of class A-1 senior secured floating-rate notes at Libor plus 142 basis points at the top of the capital structure.

Citigroup Global Markets Inc. was the placement agent.

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

Proceeds from the offering will be used to purchase a $500 million portfolio of mostly senior secured leveraged loans.

GSO/Blackstone has priced five new U.S. CLOs and refinanced one vintage CLO year to date.

The CLO manager priced six CLOs and refinanced one CLO in 2015.

The New York City-based firm is a subsidiary of alternative asset manager GSO Capital Partners LP.

Kramer Van Kirk prices CLO

Kramer Van Kirk Credit Strategies sold $355.5 million of notes due Jan. 15, 2029 in the firm’s first CLO deal of 2016, a market source said.

KVK CLO 2016-1 Ltd. priced $218.75 million of class A floating-rate notes at Libor plus 154 bps in the AAA-rated tranche.

Goldman Sachs & Co. arranged the deal.

The transaction has a two-year non-call period and a four-year reinvestment period.

Proceeds will be used to purchase a portfolio of about $350 million of first-lien senior secured leveraged loans.

The Chicago-based credit asset management firm priced one CLO deal in 2015.

PineBridge refinances

PineBridge Investments Europe refinanced a €411.1 million CLO offering of notes, according to a market source.

Euro-Galaxy III CLO BV sold €67 million of class A-R-R variable funding notes at Euribor plus 102 bps at the top of the capital stack.

J.P. Morgan Securities plc was the refinancing agent.

PineBridge Investments Europe will continue to manage the CLO, which is backed primarily by senior secured loans and bonds. Credit Industriel et Commercial is the junior CLO manager.

The maturity on the refinanced notes was extended to Jan. 17, 2031 from the original Jan. 17, 2027 maturity.

PineBridge has priced one euro-denominated CLO and refinanced one vintage deal year to date.

The CLO manager, an affiliate of New York City-based asset management firm PineBridge Investments LLC, brought one new CLO to market in 2015.

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