Och-Ziff refinances firm’s fourth CLO of year; ICG Debt Advisors refinances 2014 CLO notes

By Cristal Cody

Tupelo, Miss., May 31 – Och-Ziff Loan Management LP and ICG Debt Advisors LLC returned to the CLO market to refinance vintage 2014 CLO notes.

Och-Ziff Loan Management refinanced $521.75 million of notes in its fourth CLO refinancing transaction year to date.

ICG Debt Advisors sold $321.6 million of notes in the firm’s second CLO refinancing deal of the year.

Nearly $80 billion of vintage CLOs have refinanced year to date, according to market sources.

In its deal, Och-Ziff Loan Management refinanced $521.75 million of notes due Oct. 17, 2026 from the OZLM VIII, Ltd./OZLM VIII, LLC transaction, according to a notice of executed supplemental indenture on Tuesday.

OZLM VIII priced $348 million of class A-1a-R senior secured floating-rate notes at Libor plus 113 basis points at the top of the capital structure.

BofA Merrill Lynch arranged the deal.

In the original $622.25 million transaction priced on Aug. 12, 2014, the CLO sold $348 million of class A-1A senior secured floating-rate notes at Libor plus 144 bps.

Meanwhile, ICG Debt Advisors priced $321.6 million of notes due Jan. 25, 2027 in a refinancing of the ICG US CLO 2014-3, Ltd./ICG US CLO 2014-3 LLC transaction, according to a notice to holders of notes on Tuesday.

ICG US CLO 2014-3 sold $164.35 million of class A-1A-R senior secured floating-rate notes at Libor plus 123 bps in the senior tranche.

Citigroup Global Markets Inc. was the refinancing agent.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.