Invesco prices $506.44 million CLO; Investcorp brings deal; NewStar, Triumph eye 2016 CLOs

By Cristal Cody

Tupelo, Miss., April 5 – Invesco RR Fund LP and Investcorp Credit Management US LLC tapped the CLO primary market with new issues.

Invesco priced a $506.44 million broadly syndicated CLO.

Investcorp Credit Management sold $455.2 million of notes in its broadly syndicated offering.

Meanwhile, NewStar Financial, Inc. priced a $380 million refinancing of a vintage 2016 middle-market CLO.

Triumph Capital Advisors, LLC also plans to refinance $350 million of notes from a 2016 CLO deal.

CLO managers have priced more than $28 billion of new issue CLOs and more than $9 billion of refinanced CLOs year to date, according to market sources.

In other action, outflows from leveraged loans moderated to $460 million for the week ended April 3 from $1.26 billion in the previous week, according to a BofA Merrill Lynch report released on Friday.

Invesco prices $506.44 million

Invesco RR Fund priced $506.44 million of notes due April 15, 2032 in its transaction, according to market sources.

Verde CLO Ltd./Verde CLO LLC sold $320 million of class A floating-rate notes at Libor plus 135 basis points as part of the structure.

Goldman Sachs & Co. LLC was the placement agent.

The deal is backed mostly by broadly syndicated first lien senior secured corporate loans.

Invesco RR Fund is an affiliate of Invesco Senior Secured Management, Inc. and a subsidiary of Atlanta-based Invesco, Ltd.

Investcorp brings CLO XII

Investcorp Credit Management’s new $455.2 million of notes due April 20, 2032 in the Jamestown CLO XII, Ltd./Jamestown CLO XII Corp. transaction are now listed for trading on the Euronext Dublin Global Exchange Market, according to market sources and an admission notice on Thursday.

At the top of the capital structure, the CLO priced $270 million of class A-1 senior secured floating-rate notes at Libor plus 147 bps and $69.5 million of class A-2 senior secured floating-rate notes at Libor plus 215 bps.

Citigroup Global Markets Inc. was the placement agent.

The deal is backed primarily by broadly syndicated first lien senior secured corporate loans.

Investcorp is an investment firm with offices in London, New York and Singapore.

NewStar refinances

NewStar Financial sold $380 million of notes due Oct. 25, 2028 in a refinancing of a vintage 2016 middle-market CLO transaction, according to a market source and a notice of proposed supplemental indenture on Thursday.

The NewStar Berkeley Fund CLO LLC offering included class A-R, class B-R, class C-R and class D-R floating-rate notes.

The class A-R notes had a weighted average spread of Libor plus 160 bps.

In the original $505.5 million NewStar Berkeley Fund CLO 2016-1 transaction issued Nov. 29, 2016, the CLO priced $290 million of the class A floating-rate notes at Libor plus 210 bps.

Proceeds will be used to redeem the outstanding notes.

Boston-based NewStar Financial is a middle-market asset management firm.

Triumph Capital plans reprint

Triumph Capital Advisors plans to price $350 million of notes due Oct. 25, 2028 in a refinancing of a 2016 CLO deal, according to a notice of proposed supplemental indenture on Thursday.

The Trinitas CLO V Ltd./Trinitas CLO V LLC offering includes $256 million of class A-R floating-rate notes (expected Aaa /AAA); $42 million of class B-1-R floating-rate notes (expected AA); $6 million of class B-2-R fixed-rate notes (expected AA); $24 million of class C-R floating-rate notes (expected A) and $22 million of class D-R floating-rate notes (expected BBB ).

Natixis Securities Americas LLC is the refinancing placement agent.

In the original $409 million Trinitas CLO V deal issued Sept. 15, 2016, the CLO priced $2 million of class X floating-rate notes at Libor plus 100 bps; $256 million of class A floating-rate notes at Libor plus 170 bps; $42 million of class B-1 floating-rate notes at Libor plus 215 bps; $6 million of 3.61% class B-2 fixed-rate notes; $24 million of class C floating-rate notes at Libor plus 315 bps; $22 million of class D floating-rate notes at Libor plus 441 bps; $18 million of class E floating-rate notes at Libor plus 740 bps and $39 million of subordinated notes.

Proceeds will be used to redeem the original notes on April 25.

The CLO manager is a subsidiary of Dallas-based Triumph Bancorp, Inc.

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