Credit Value Partners refinances 2013, 2014 CLOs; ICG Debt Advisors refinances 2014 notes

By Cristal Cody

Tupelo, Miss., March 24 – The CLO refinancing pace continues to remain steady in March.

Credit Value Partners, LLC came to the market to refinance two vintage CLO deals.

Credit Value Partners refinanced $330.25 million of notes from a 2013 CLO and $412.75 million of notes from a vintage 2014 deal.

The CLO manager has refinanced two CLOs year to date and was last in the primary market in 2015.

Also, ICG Debt Advisors LLC refinanced $322 million of notes from a 2014 CLO transaction.

More than $36 billion of U.S. CLOs have been refinanced in 2017, while about $14 billion of new CLOs have priced year to date.

In its deal, Credit Value Partners refinanced $330.25 million of floating-rate notes due Jan. 16, 2026 in three tranches at par from the vintage 2013 CVP Cascade CLO-1 Ltd. deal, a market source said.

The CLO sold $255.25 million of floating-rate notes at Libor plus 115 basis points in the class A-1-R tranche.

Credit Suisse Securities (USA) LLC arranged the transaction.

Credit Value Partners is a Greenwich, Conn.-based investment firm.

Meanwhile, Credit Value Partners refinanced $412.75 million of notes due July 18, 2026 in four tranches at par from the vintage 2014 CVP Cascade CLO-2 Ltd. deal, a market source said.

The CLO sold $316.25 million of class A-1-R floating-rate notes at Libor plus 120 bps at the top of the capital stack

Credit Suisse Securities arranged the transaction.

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