CSAM refinances firm’s third CLO of year; Palmer Square, Cutwater refinance vintage CLOs

By Cristal Cody

Tupelo, Miss., March 23 – Credit Suisse Asset Management, LLC refinanced $863.75 million of notes in the CLO manager’s third refinancing deal of the year.

In other refinancing action, Palmer Square Capital Management LLC sold $468.49 million of notes in a refinancing and reset of a vintage 2013 CLO, the firm’s first transaction of 2017.

Also, details emerged for Cutwater Investor Services Corp.’s transaction, the CLO manager’s first deal in the CLO market since 2015. Cutwater refinanced $345.8 million of notes from a vintage 2014 CLO.

More than $36 billion of U.S. CLOs have been refinanced year to date, compared to $37.49 billion of CLOs refinanced in 2016, according to market sources.

In its deal, Credit Suisse Asset Management refinanced $863.75 million of floating-rate notes due Oct. 23, 2025 at par in the vintage 2014 Atrium XI/Atrium XI LLC deal, according to a market source.

The CLO priced $602.25 million of floating-rate notes at Libor plus 114 basis points in the class A-1-R tranche.

Citigroup Global Markets Inc. was the refinancing agent.

Meanwhile, Palmer Square Capital Management sold $468.49 million of notes in a refinancing and reset of a vintage 2013 CLO offering, according to a market source.

Palmer Square CLO 2013-2, Ltd./Palmer Square CLO 2013-2, LLC priced $280 million of class A-1a-R floating-rate notes at Libor plus 122 bps at the top of the capital stack.

J.P. Morgan Securities LLC arranged the transaction.

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