Exantas taps CLO market; Och-Ziff prices its first CLO of 2018; refinancings active

By Cristal Cody

Tupelo, Miss., June 8 – Several CLO managers priced new CLO deals and refinanced vintage transactions, according to details that emerged on Friday.

Exantas Capital Corp. priced a $514.1 million commercial real estate-backed CLO deal.

“We are very pleased to have executed the company’s largest CRE CLO issuance,” Robert C. Lieber, chief executive officer of the company, said in a news release. “This transaction is more than 35% larger than its CLO issuance completed last June, which was the company’s largest post-crisis issuance at the time.”

In new broadly syndicated European CLO issuance, Och-Ziff Europe Loan Management Ltd. priced €412.8 million of notes in the manager’s first new offering of the year.

Looking at the refinancing space, GC Investment Management LLC closed Friday on a $382.5 million reissue of two tranches from a 2016 CLO.

Also, American Money Management Corp. sold $368 million of notes in a reset and refinancing of a vintage 2016 deal.

In addition, WhiteHorse Capital Management, LLC refinanced $389 million of notes from a 2015 CLO.

Exantas CRE CLO prices

Exantas Capital priced $514.1 million of floating-rate notes and preferred shares in a commercial real estate-backed CLO transaction, according to a market source and a company news release on Friday.

Exantas Capital Corp. 2018-RSO6, Ltd. priced the $290.5 million of class A notes at Libor plus 83 basis points.

Exantas said it will retain the class E and F subordinated notes and the preferred shares.

The CLO has a 4.5-year weighted average life and a maturity of June 15, 2035.

Wells Fargo Securities, LLC, Morgan Stanley & Co. LLC and Barclays were the placement agents.

The notes are collateralized by commercial mortgage loans originated by the company.

Exantas Capital is a New York-based real estate investment trust that originates, holds and manages commercial mortgage loans and other commercial real estate-related debt investments. The company is externally managed by Exantas Capital Manager Inc., formerly known as Resource Capital Manager, Inc., which is an indirect subsidiary of C-III Capital Partners LLC, a commercial real estate investment management and services company.

Och-Ziff sells €412.8 million

Och-Ziff Europe Loan Management priced €412.8 million of notes due July 27, 2032 in the new broadly syndicated CLO transaction, according to a market source.

OZLME IV DAC sold €223 million of class A-1 senior secured floating-rate notes at Euribor plus 82 bps in the senior tranche.

Citigroup Global Markets Ltd. was the placement agent.

The deal is collateralized primarily by broadly syndicated senior secured loans.

Och-Ziff Europe was last in the primary market on Dec. 7 when it priced the €413.9 million OZLME III DAC transaction.

Och-Ziff sold two euro-denominated CLOs in 2017 following its first euro CLO offering in 2016.

The London-based firm is part of alternative asset management Och-Ziff Capital Management Group LLC.

GC Investment reprices

GC Investment Management refinanced $382.5 million of notes due April 20, 2028 in two tranches from the vintage 2016 Golub Capital Partners CLO 30(M), Ltd./Golub Capital Partners CLO 30(M), LLC middle-market transaction, according to a market source and a notice of revised proposed supplemental indenture on Thursday.

The CLO priced $350 million of class A-R floating-rate notes at Libor plus 135 bps and $32.5 million of class B-R deferrable floating-rate notes at Libor plus 325 bps.

GreensLedge Capital Markets LLC was the refinancing placement agent.

The original CLO transaction was issued March 24, 2016.

Proceeds will be used to redeem the original notes.

The CLO is backed by middle-market senior secured term loans.

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

In 2017, Golub Capital priced two CLO transactions.

American Money resets CLO

American Money Management priced $368 million of notes in a reset and refinancing of a vintage 2016 broadly syndicated CLO, according to a notice of revised supplemental indenture and amendment to subordinated note issuing and paying agency agreement on Thursday.

AMMC CLO 18, Ltd./AMMC CLO 18 Corp. sold $258 million of the class A-R floating-rate notes at Libor plus 110 bps.

Jefferies LLC was the refinancing placement agent.

The maturity on the notes was extended to May 2031 from the original May 26, 2028 maturity.

The reset CLO has a two-year non-call period and a five-year reinvestment period.

The original CLO was issued May 26, 2016. In that offering, the CLO had priced $58 million of class A-L1 senior secured floating-rate notes at Libor plus 157 bps, $155 million of class A-L2 senior secured floating-rate notes at Libor plus 165 bps and $30 million of 2.93% class A-F senior secured fixed-rate notes.

Proceeds will be used to redeem the original notes.

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

American Money Management priced one new CLO and refinanced two vintage CLOs in 2017.

The Cincinnati-based firm is a subsidiary of insurance holding company American Financial Group, Inc.

WhiteHorse refinances

WhiteHorse Capital Management priced $389 million of notes due April 2027 in the vintage 2015 WhiteHorse X Ltd./WhiteHorse X LLC broadly syndicated CLO, according to a second notice of revised proposed first supplemental indenture on Thursday.

The CLO sold $299 million of class A-1-R senior secured floating-rate notes at Libor plus 93 bps at the top of the capital stack.

BofA Merrill Lynch was the refinancing placement agent.

In the original $512.7 million transaction issued April 16, 2015, the CLO sold $299 million of class A-1 senior secured floating-rate notes at Libor plus 143 bps.

Proceeds will be used to redeem the original notes.

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

Dallas-based WhiteHorse Capital is the credit affiliate of private equity firm H.I.G. Capital, LLC.

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