Aegon, Tikehau tap U.S., Europe primary markets; Tall Tree, CIFC, BlackRock refinance CLOs

By Cristal Cody

Eureka Springs, Ark., Oct. 17 – New CLO deal issuance continues at a steady pace, while refinancing action has been heavy month to date.

Aegon USA Investment Management LLC priced a $498.48 million new CLO deal.

Tikehau Capital Europe Ltd. brought €414.2 million in the firm’s second euro-denominated CLO offering.

In refinancing action, Tall Tree Investment Management, LLC refinanced $367.5 million of notes from a vintage 2014 CLO.

CIFC Asset Management LLC refinanced $462 million of notes in a vintage 2014 deal.

Also on Monday, BlackRock Financial Management, Inc. closed on the $612 million refinancing of notes in the Magnetite VII, Ltd./Magnetite VII LLC transaction.

“The past three weeks have been CLO refi mania, with 18 CLOs refinancing for $7.7 [billion],” J.P. Morgan Securities LLC analysts said in a note. “The previous two weeks set consecutive records for the busiest in CLO refi activity with $5.06 [billion] and $1.67 [billion] pricing in the weeks ending Oct. 7th and Sept. 30th.”

The wave in refinancing activity can be attributed to equity investors in a “rush to complete transactions before U.S. risk retention takes effect on Dec. 24,” according to a BofA Merrill Lynch note released on Monday.

© 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.