CLO refinancings continue; Oaktree refinances euro CLO; Oak Hill refinances 2012 notes

By Cristal Cody

Eureka Springs, Ark., Nov. 29 – CLO refinancing activity continues to be heavy in front of the Dec. 24 effective date for U.S. risk retention regulations.

Oaktree Capital Management (UK) LLP refinanced €266.2 million of notes in a 2014 euro-denominated deal.

In the U.S. market, Oak Hill Advisors LP refinanced $330 million of notes from a 2012 offering.

Oaktree Capital Management (UK) priced €266.2 million of notes due June 14, 2027 in a refinancing of the vintage 2014 Arbour CLO Ltd. transaction, according to a market source.

The CLO sold €208.75 million of class A floating-rate notes at Euribor plus 85 basis points in the senior tranche.

Morgan Stanley & Co. LLC arranged the refinancing.

Oaktree will continue to manage the CLO.

The London-based firm is an affiliate of Los Angeles-based Oaktree Capital Management, LP.

Meanwhile, Oak Hill Advisors refinanced $330 million of notes in a vintage 2012 broadly syndicated CLO transaction, according to a market source.

OHA Loan Funding 2012-1, Ltd. priced $220 million of class A-R floating-rate notes at Libor plus 135 bps in the AAA-rated tranche.

Goldman Sachs & Co. was the refinancing agent.

Oak Hill Advisors is the CLO manager.

The maturity on the refinanced notes was extended by two years to Jan. 23, 2027.

Proceeds from the transaction were used to redeem the original class A, B-1, B-2, C, D and E notes on Tuesday.

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