Palmer Square Capital, BNP Paribas refinance CLOs; refinancing volume strong

By Cristal Cody

Tupelo, Miss., May 3 – Palmer Square Capital Management LLC refinanced $322.1 million of notes from a vintage 2013 CLO in its second refinancing transaction of 2017.

Also, BNP Paribas Asset Management Inc. refinanced $317 million of notes from a 2014 CLO deal.

Nearly $70 billion of U.S. CLOs have been refinanced year to date, while more than $21 billion of new CLOs have priced in 2017, according to market sources.

In its deal, Palmer Square Capital Management refinanced $322.1 million of notes due May 15, 2025 from a vintage 2013 CLO, according to a notice of optional redemption and notice of revised proposed supplemental indenture on Tuesday.

Palmer Square CLO 2013-1, Ltd./Palmer Square CLO 2013-1, LLC priced $212.8 million of class A-1-R senior secured floating-rate notes at Libor plus 97 basis points in the senior tranche.

J.P. Morgan Securities LLC arranged the transaction.

Meanwhile, BNP Paribas Asset Management refinanced $317 million of notes due April 24, 2026 in three tranches from a 2014 CLO deal, according to a notice of executed supplemental indenture on Tuesday.

BNPP IP CLO 2014-1, Ltd./BNPP IP CLO 2014-1, LLC priced $234 million of class A-1-R senior secured floating-rate notes at Libor plus 120 bps at the top of the three-part deal.

BNP Paribas Securities Corp. was the refinancing agent.

BNP Paribas Asset Management is a New York City-based subsidiary of BNP Paribas Investment Partners USA Holdings Inc.

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