MJX, Sound Point, PineBridge, THL, Neuberger refinance CLOs; middle-market CLO resets

By Cristal Cody

Tupelo, Miss., Oct. 18 – Details emerged on several CLO refinancing transactions that closed in the past week.

CLO managers have refinanced and/or reset about $125 billion of vintage CLOs year to date, according to market sources.

MJX Asset Management LLC affiliate MJX Venture Management LLC priced $612.5 million of notes in a refinancing of a 2015 CLO. The manager also closed this month on the previously reported $618.2 million of notes refinancing and reset of the 2014 Venture XVIII CLO, Ltd./Venture XVIII CLO, LLC transaction.

In other broadly syndicated CLO refinancing action, Sound Point Capital Management LP, PineBridge Investments LLC, THL Credit Senior Loan Strategies LLC and Neuberger Berman Investment Advisers LLC refinanced CLOs.

Also, Madison Capital Funding LLC priced $395.75 million of notes in a refinancing and reset of a 2014 middle-market CLO.

THL refinances CLO

THL Credit Senior Loan Strategies priced $400.25 million of notes due Oct. 15, 2027 in a refinancing of the vintage 2015 THL Credit Wind River 2015-2 CLO Ltd./THL Credit Wind River 2015-2 LLC transaction, according to a notice of revised proposed supplemental indenture on Tuesday.

The CLO sold $230.4 million of class A-1-R senior secured floating-rate notes at Libor plus 87 basis points at the top of the stack.

J.P. Morgan Securities LLC was the refinancing placement agent.

THL Credit Senior Loan Strategies will continue to manage the CLO.

The deal was originally issued on Oct. 15, 2015.

THL Credit Advisors has priced three new CLOs and refinanced four vintage CLOs year to date.

The CLO manager is part of Boston-based alternative credit investment firm THL Credit Advisors LLC, which priced two new CLOs and one refinanced CLO in 2016.

PineBridge resets CLO

PineBridge Investments priced $517.5 million of notes in a refinancing and reset of a vintage 2013 CLO offering, according to a market source and a notice of executed supplemental indenture on Tuesday.

Galaxy XV CLO Ltd./Galaxy XV CLO LLC sold $358.4 million of the class A-R senior floating-rate notes at Libor plus 120 bps.

Goldman Sachs & Co. LLC was the refinancing placement agent.

The maturity on the refinanced notes was extended to Oct. 15, 2030 from the original April 15, 2025 maturity.

The original $598 million of floating-rate and subordinated notes were issued on March 14, 2013.

PineBridge Investments has priced one new CLO and refinanced four vintage CLOs year to date.

The asset management firm is based in New York City.

Neuberger Berman resets CLO

Neuberger Berman Investment Advisers priced $379.9 million of notes in a refinancing and reset of the 2013 vintage Neuberger Berman CLO XV, Ltd./Neuberger Berman CLO XV, LLC transaction, according to a market source and a notice of executed first supplemental indenture on Tuesday.

The CLO sold $237.2 million of the class A-1-R senior secured floating-rate notes at Libor plus 118 bps.

BofA Merrill Lynch was the refinancing agent.

The maturity on the notes was extended to Oct. 15, 2029 from the original Oct. 15, 2025 maturity.

The original $410.15 million transaction was issued on Oct. 9, 2013.

Neuberger Berman Fixed Income has priced one new CLO and refinanced three vintage CLOs year to date.

The CLO manager sold two new CLOs and refinanced tranches from three vintage CLOs in 2016.

The Chicago-based firm is part of Neuberger Berman Group, LLC.

Sound Point refinances

Sound Point Capital Management sold $525 million of notes due April 15, 2027 in a refinancing of four tranches from the Sound Point CLO VIII, Ltd./Sound Point CLO VIII, Inc. transaction, according to a market source and a notice of executed supplemental indenture.

The CLO sold $390 million of class A-R senior secured floating-rate notes at Libor plus 86 bps in the AAA-rated tranche.

Morgan Stanley & Co. LLC was the refinancing placement agent.

The CLO originally priced on March 5, 2015.

Sound Point Capital has priced three new CLOs and refinanced eight vintage CLOs year to date.

The New York-based asset management firm priced three new CLO deals in 2016.

MJX refinances CLO

MJX Venture Management priced $612.5 million of notes due July 15, 2027 in a refinancing of the 2015 Venture XXI CLO, Ltd./Venture XXI CLO, LLC transaction, according to a market source and a notice of executed supplemental indenture on Tuesday.

The CLO sold $436.25 million of class A-R senior secured floating-rate notes at Libor plus 88 bps in the senior slice.

Citigroup Global Markets Inc. arranged the transaction.

The original $718.75 million CLO priced on June 4, 2015.

MJX has priced two new CLOs and refinanced seven vintage CLOs year to date.

The New York City-based asset management firm priced three new CLOs and refinanced three vintage CLOs in 2016.

Middle-market CLO refinances

Madison Capital Funding priced $395.75 million of notes in a refinancing and reset of a 2014 vintage middle-market CLO deal, according to a market source and a notice of executed supplemental indenture on Tuesday.

MCF CLO IV LLC sold $262.25 million of class A-R senior secured floating-rate notes at Libor plus 155 bps in the senior tranche.

Wells Fargo Securities, LLC arranged the offering.

The maturity on the refinanced notes was extended to Oct. 20, 2029 from the original Oct. 15, 2025 maturity.

The CLO was originally issued on Nov. 13, 2014.

Madison Capital Funding is a Chicago-based middle-market finance company and subsidiary of New York Life Insurance Co.

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