BlackRock refinances $367.75 million CLO; refinancing volume tops $6 billion year to date

By Cristal Cody

Tupelo, Miss., June 2 – CLO refinancing volume rose to $6.1 billion year to date as managers continue to price vintage 2012 notes at tighter spreads, according to market sources and data compiled by Prospect News.

BlackRock Financial Management, Inc. refinanced $367.75 million of notes in a vintage 2012 CLO offering.

In May, managers including Ares Management LLC, Fortress Investment Group LLC, Triumph Capital Advisors, LLC and Credit Suisse Asset Management, LLC refinanced CLO notes.

BlackRock Financial Management refinanced $367.75 million of notes due Sept. 15, 2023 in a vintage 2012 CLO transaction, according to a market source.

Magnetite VI, Ltd./Magnetite VI LLC sold $245.75 million of class A-R floating-rate notes at Libor plus 125 basis points, tighter than where the notes originally priced at Libor plus 150 bps.

The CLO refinanced $51.5 million of class B-R floating-rate notes at Libor plus 185 bps, compared to where the tranche first priced at Libor plus 275 bps.

In the class C-R tranche, the CLO sold $32.5 million of floating-rate notes at Libor plus 260 bps, improved from where the notes originally priced at Libor plus 350 bps.

The CLO refinanced $20 million of class D-R floating-rate notes at Libor plus 360 bps. The notes originally priced at Libor plus 500 bps.

At the bottom of the capital stack, the CLO sold $18 million of class E-R floating-rate notes at Libor plus 555 bps. The notes originally were sold at Libor plus 575 bps.

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