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Birch Grove prices $403.05 million new CLO: MidOcean refinances $368 million notes
By Cristal Cody
Tupelo, Miss., May 15 – In new CLO issuance in May, Birch Grove Capital LP priced $403.05 million of notes in the manager’s first CLO transaction.
Meanwhile, MidOcean Credit Fund Management LP sold $368 million of notes in a refinancing of a vintage 2016 deal.
So far this year, about $40 billion of broadly syndicated CLOs have priced and more than $13 billion of CLOs have been refinanced or reissued year to date, according to a BofA Merrill Lynch report.
Birch Grove brings CLO
Birch Grove Capital priced $403.05 million of notes due June 15, 2031 in the debut Birch Grove CLO Ltd./Birch Grove CLO LLC transaction, according to market sources.
The CLO sold $256 million of the class A floating-rate notes (//AAA) at Libor plus 149 basis points.
J.P. Morgan Securities LLC was the placement agent.
The CLO is collateralized primarily by first-lien senior secured leveraged loans.
Birch Grove Capital is a New York-based alternative credit manager.
MidOcean reprices CLO
MidOcean Credit Fund Management priced $368 million of notes due Jan. 20, 2029 in a refinancing of a vintage 2016 broadly syndicated CLO transaction, according to a market source and a notice of revised proposed second supplemental indenture on Tuesday.
MidOcean Credit CLO VI/MidOcean Credit CLO VI LLC sold $242 million of the class A-R floating-rate notes (Aaa expected) at Libor plus 125 bps.
The original $402.7 million transaction was priced Nov. 8, 2016 and issued Dec. 20, 2016 via Jefferies LLC.
The CLO had sold $242 million of the class A floating-rate notes at Libor plus 158 bps.
Proceeds will be used to redeem the outstanding notes.
The CLO manager is an affiliate of New York City-based private equity firm MidOcean Partners.
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