Invesco, Carlyle refinance U.S. CLOs; Blackstone/GSO refinances €307 million CLO

By Cristal Cody

Eureka Springs, Ark., Jan. 24 – Invesco Senior Secured Management, Inc., Carlyle Investment Management LLC and Blackstone/GSO Debt Funds Management Europe Ltd. refinanced CLO transactions first priced in 2014.

Invesco Senior Secured Management refinanced $534.5 million of notes in the Limerock CLO II Ltd./Limerock CLO II LLC transaction.

Carlyle Investment Management placed $497 million of notes.

In Europe, Blackstone/GSO Debt Funds Management Europe refinanced €307 million of notes.

“The new issue U.S. CLO market has continued to be dominated by refinancings with 90% of notional volume that has priced in 2017 being refinancings,” according to a Jan. 20 note from J.P. Morgan Securities LLC.

In its deal, Invesco Senior Secured Management refinanced $534.5 million of notes due April 18, 2026 in the Limerock CLO II deal originally brought to market in 2014, according to an informed source.

The CLO priced $406.25 million of class A-R senior secured floating-rate notes (Aaa/AAA) at Libor plus 130 basis points at the top of the capital structure.

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

Meanwhile, Carlyle Investment Management priced $497 million of notes due May 15, 2025 in a refinancing of a vintage 2014 broadly syndicated CLO transaction, according to a market source.

Carlyle Global Market Strategies CLO 2014-2 Ltd. sold $377 million of class A-R floating-rate notes at Libor plus 125 bps in the senior tranche.

MUFG arranged the refinancing.

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