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CSAM prices €458 million CLO; Shenkman refinances $475 million; secondary picks up
By Cristal Cody
Tupelo, Miss., May 31 – New CLO deal action includes a €458 million transaction brought to the primary market from CLO manager Credit Suisse Asset Management Ltd.
Meanwhile, CLO refinancing action remains active.
Shenkman Capital Management, Inc. wrapped a $475 million refinancing of a 2015 CLO, according to new details.
Looking at the securitized secondary market, trading picked up in the previous session with $333 million of investment-grade CDO/CBO/CLO issues and $62.19 million of lower-rated securities traded, according to Trace data.
On Tuesday, $73.46 million of investment-grade bonds and $52.22 million of lower-rated tranches traded.
CSAM brings CLO XI
Credit Suisse Asset Management priced €458 million of notes due February 2031 in the CLO offering, according to a market source on Thursday.
Cadogan Square CLO XI DAC sold €265.5 million of class A-1 senior secured floating-rate notes at Euribor plus 78 basis points in the senior tranche.
Credit Suisse Securities (Europe) Ltd. was the placement agent.
The deal is backed primarily by euro-denominated senior secured loans and bonds.
Credit Suisse Asset Management, a subsidiary of Zurich-based Credit Suisse AG, priced two euro-denominated CLOs in 2017.
Shenkman reprices CLO
In the refinancing space, Shenkman Capital Management repriced $475 million of notes due April 15, 2027 from the Jackson Mill CLO Ltd./Jackson Mill CLO LLC offering, according to a notice of executed supplemental indentures on Thursday.
Jackson Mill CLO sold $352 million of class A-R floating-rate notes at Libor plus 83 bps in the AAA-rated tranche.
Credit Suisse Securities (USA) LLC arranged the offering.
The $559.5 million original CLO was issued May 21, 2015. In that offering, the CLO sold $352 million of class A floating-rate notes at Libor plus 154 bps.
The deal is backed primarily by first-lien senior secured loans.
Shenkman is a New York-based investment firm.
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