Triumph Capital refinances AAA-rated tranche; Symphony, THL, Sculptor plan CLO reprints

By Cristal Cody

Tupelo, Miss., Oct. 1 – The CLO refinancing space is seeing heavier action after a summer lull.

Triumph Capital Management, LLC priced $485.35 million of class A-R notes in a refinancing of the AAA-rated tranche from a vintage 2017 CLO deal.

Several CLO managers have signaled plans to reprice vintage CLO notes.

Symphony Asset Management LLC expects to price four tranches of notes in a second refinancing of a 2014 CLO.

THL Credit Advisors LLC is set to refinance the AAA-rated tranche of notes from a 2017 CLO offering.

In addition, Sculptor Loan Management LP, formerly known as Och-Ziff Loan Management LP, is marketing a second refinancing of a vintage 2013 CLO deal.

CLO managers have refinanced about $35 billion of CLO notes year to date, according to market sources.

Triumph refinances

Triumph Capital Management priced $485.35 million of notes due July 25, 2029 in a refinancing of a vintage 2017 CLO offering, according to a notice of revised proposed supplemental indenture on Monday.

Trinitas CLO VI Ltd./Trinitas CLO VI LLC sold $448 million of the class A-R floating-rate notes at Libor plus 117 basis points.

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

The original CLO was issued on June 20, 2017.

The deal is collateralized primarily by broadly syndicated senior secured corporate loans.

The CLO manager has priced two new CLOs and refinanced two vintage CLOs year to date.

Triumph, a subsidiary of Dallas-based Triumph Bancorp, Inc., priced two new CLOs and refinanced two vintage CLOs in 2018.

Symphony preps reprint

Symphony Asset Management plans to refinance four tranches of notes due July 15, 2026 in a second refinancing of the vintage 2014 Symphony CLO XIV, Ltd./Symphony CLO XIV, LLC collateralized loan obligation transaction, according to a notice of proposed fifth and proposed sixth supplemental indenture and Prospect News data.

The deal includes class A-R senior floating-rate notes, class B-R senior floating-rate notes, class C-R deferrable mezzanine floating-rate notes and class D-R deferrable mezzanine floating-rate notes.

BNP Paribas Securities Corp. is the refinancing placement agent.

Symphony CLO XIV originally was issued May 22, 2014 in an $838 million transaction and was first refinanced on Jan. 17, 2017.

The asset management firm is based in San Francisco.

THL offers class A refi

THL Credit Advisors plans to price $390 million of class A-R senior secured floating-rate notes (expected ratings Aaa//AAA) due April 15, 2029 from the THL Credit Wind River 2017-1 CLO Ltd./THL Credit Wind River 2017-1 LLC transaction, according to a notice of proposed first supplemental indenture.

BofA Securities Inc. is the refinancing placement agent.

THL Credit Advisors will continue to manage the CLO.

The original $612 million transaction was issued March 16, 2017.

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

The alternative credit investment firm is based in Boston.

Sculptor to reprice

Sculptor Loan Management intends to price a second refinancing of a vintage 2013 CLO transaction, according to a notice of proposed fourth supplemental indenture on Monday.

The OZLM Funding III, Ltd./OZLM Funding III, LLC transaction will include class A-1 floating-rate notes (expected ratings Aaa/AAA), class A-2 floating-rate notes (expected rating AA), class B floating-rate notes (expected rating A), class C floating-rate notes (expected rating BBB), class D floating-rate notes (expected rating BB) and $70 million of subordinated notes.

Barclays is the refinancing placement agent of the Rule 144A and Regulation S deal.

The notes are due Jan. 22, 2029.

The CLO was originally issued Feb. 20, 2013 and was first refinanced in a $583.26 million offering on Dec. 8, 2016.

The CLO is collateralized primarily by broadly syndicated first-lien senior secured corporate loans.

New York-based Sculptor is part of Sculptor Capital Management, Inc.

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