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Fortress brings $561 million reset; KKR, Investcorp to price new euro-denominated CLOs
By Cristal Cody
Tupelo, Miss., April 12 – In new CLO refinancing action, Fortress Investment Group LLC affiliate FC BSL III CM LLC sold $561 million of notes in a reset of a vintage 2015 CLO.
About $35 billion of vintage CLOs have been refinanced year to date, market sources report.
Looking at the European new issue primary market, two CLO managers plan to price deals.
KKR Credit Advisors (Ireland) Unlimited Co. is offering €413.85 million of notes in its first new CLO transaction in the European market since 2016.
Investcorp Credit Management EU Ltd. plans to price a €413.5 million CLO in the manager’s first new deal of 2018.
More than €7 billion of new euro-denominated CLOs have priced year to date, according to market sources.
In its deal, FC BSL III CM sold $561 million of notes in a refinancing and reset of the vintage 2015 Fortress Credit BSL III Ltd. transaction, according to a market source and a notice of revised proposed supplemental indenture on Wednesday.
Fortress Credit BSL III priced $331 million of class A-R senior secured floating-rate notes at Libor plus 107 basis points in the senior tranche.
MUFG was the refinancing placement agent.
The maturity on the notes was extended to April 18, 2031 from the initial Oct. 18, 2026 maturity.
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