CSAM refinances $543.5 million 2013 CLO notes; non-high-grade secondary market volume rises

By Cristal Cody

Tupelo, Miss., June 1 – Credit Suisse Asset Management, LLC sold $543.5 million of notes in a refinancing of a vintage 2013 CLO.

Credit Suisse Asset Management refinanced four tranches of notes from the original deal.

Nearly $80 billion of vintage CLOs have been refinanced year to date, according to market sources.

In other activity, secondary market volume jumped on Wednesday in non-investment-grade CBO/CDO/CLO issues. The session had $365.84 million of securities trade, up from $89 million of issues traded on Tuesday, according to Trace.

On Wednesday, $34.17 million of high-grade CBO/CDO/CLO issues traded, up slightly from the $34.05 million traded on Tuesday.

Credit Suisse Asset Management priced $543.5 million of notes due July 16, 2025 in a refinancing of the vintage 2013 Atrium X/Atrium X LLC deal, according to a notice of executed supplemental indenture on Wednesday.

The CLO priced $409 million of class A-R floating-rate notes at Libor plus 95 basis points in the senior tranche.

MUFG was the refinancing agent.

In the original April 2013 offering, Atrium X sold $409 million of class A floating-rate notes at Libor plus 112 bps.

Proceeds were used to redeem the original class A, B-1, C and D notes.

The refinanced CLO is backed primarily by broadly syndicated senior secured corporate loans.

Credit Suisse Asset Management, a unit of Credit Suisse Group AG, priced three U.S. CLOs and refinanced one vintage CLO in 2016.

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