Oaktree refinances $400 million 2014 CLO; PGIM refinances €353.7 million 2015 CLO notes

By Cristal Cody

Tupelo, Miss., May 17 – CLO refinancing action remains strong year to date in both the U.S. and European CLO markets.

In news Wednesday, Oaktree Capital Management LP refinanced $400 million of notes in a reset of a 2014 deal.

PGIM, Inc. refinanced €353.7 million of CLO notes from a 2015 transaction.

About $76 billion of U.S. CLOs and nearly €10 billion of euro CLOs have been refinanced year to date, according to market sources.

Oaktree Capital Management sold $400 million of notes in a refinancing and reset of the Oaktree CLO 2014-1, Ltd./Oaktree CLO 2014-1 LLC transaction, according to a market source and a notice of executed first supplemental indenture on Tuesday.

The CLO priced the $271.3 million tranche of class A-1-R senior secured floating-rate notes at Libor plus 129 basis points.

The $3 million of class X notes are a new class in the CLO, which was originally priced in January 2014.

Citigroup Global Markets Inc. was the refinancing agent.

The maturity on the refinanced notes was extended to May 13, 2029 from the original Feb. 13, 2025 maturity.

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