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Triumph prices $374.1 million reset; HPS Investment Partners offers $519.06 million CLO
By Cristal Cody
Tupelo, Miss., Aug. 23 – Triumph Capital Advisors, LLC closed Thursday on a $374.1 million issuance of notes repriced from a 2016 CLO transaction.
The new deal pipeline also remains active.
HPS Investment Partners, LLC plans to price $519.06 million of notes in the manager’s second new issue CLO of the year.
Elsewhere, lower-rated securitized secondary market volume has been strong over the past two sessions.
Trading volume on Wednesday included $76.57 million of high-grade CBO/CDO/CLO securities and $166.39 million of lower-rated issues, according to Trace.
On Tuesday, $41.11 million of investment-grade issues and $159.35 million of non-high-grade issues were traded.
Triumph refinances CLO IV
Triumph Capital Advisors priced $374.1 million of notes in a refinancing of the Trinitas CLO IV Ltd./Trinitas CLO IV LLC offering, according to a market source and a notice of executed supplemental indenture on Thursday.
Trinitas CLO IV sold $196.9 million of class A-1L-R floating-rate notes at the reference rate plus 118 basis points at the top of the capital stack.
Natixis Securities Americas LLC was the refinancing placement agent.
The refinanced notes are due Oct. 18, 2031, extended from the original April 18, 2028 maturity.
Trinitas originally issued the CLO as a $406.65 million deal on June 2, 2016. In that offering, the CLO priced $258 million of the class A floating-rate notes at Libor plus 175 bps.
Proceeds were used to redeem the original notes.
The CLO is collateralized primarily by broadly syndicated senior secured corporate loans.
Triumph Capital Advisors has priced one new CLO and refinanced two vintage CLOs year to date.
The CLO manager and subsidiary of Dallas-based Triumph Bancorp, Inc. priced two new CLOs in 2017.
HPS offers $519 million CLO
In new deal activity, HPS Investment Partners plans to price $519.06 million of notes due Oct. 15, 2031, according to a market source.
The HPS Loan Management 13-2018 Ltd./HPS Loan Management 13-2018 LLC offering includes $4.1 million of class X floating-rate notes (/AAA/); $303 million of class A-1 floating-rate notes (/AAA/); $28.5 million of class A-2 floating-rate notes (/non-rated/); $47.69 million of class B floating-rate notes (/AA/); $35.45 million of class C floating-rate notes (/A/); $31.37 million of class D floating-rate notes (/BBB-/); $18.25 million of class E floating-rate notes (/BB-/); $9.18 million of class F floating-rate notes (/B-/) and $41.52 million of subordinated notes.
Deutsche Bank Securities Inc. is the placement agent.
The deal is backed primarily by broadly syndicated first-lien senior secured loans.
The offering is expected to settle on Oct. 15.
HPS Investment Partners has priced one new CLO year to date.
The subsidiary of Highbridge Capital Management, LLC is based in New York City.
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