Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers S > Headlines for Saratoga Investment Corp. CLO 2013-1, Ltd. > News item |
CLO refinancings top $18 billion year to date; Saratoga refinances $282.4 million
By Cristal Cody
Eureka Springs, Ark., Nov. 14 – CLO refinancing action continues to remain strong with another vintage deal joining the more than $18 billion of transactions that have been refinanced year to date, according to market sources.
Saratoga Investment Advisors LLC priced $282.4 million of notes in a refinancing of a transaction that was a refinancing of a pre-financial crisis CLO deal.
Saratoga Investment Advisors sold $282.4 million of notes due Oct. 20, 2025 in the offering, according to a market source.
Saratoga Investment Corp. CLO 2013-1 Ltd. priced $170 million of class A-1-R floating-rate notes at Libor plus 155 basis points in the senior tranche.
Mizuho Securities USA Inc. was the refinancing agent.
The CLO originally closed in 2013 when the vehicle GSC Investment Corp. CLO 2007 Ltd., which was brought to market in 2008, was refinanced and renamed Saratoga Investment Corp. CLO 2013-1 Ltd.
Proceeds from the refinancing will be used to redeem the original notes on Tuesday.
Saratoga Investment Advisors is an investment firm based in New York.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.