Mariner Investment plans second refinancing of Mariner CLO 2016-3

By Cristal Cody

Tupelo, Miss., Feb. 5 – Mariner Investment Group, LLC plans to price a second refinancing of a vintage 2016 broadly syndicated collateralized loan obligation transaction, according to a notice of proposed supplemental indenture on Tuesday.

The Mariner CLO 2016-3 Ltd./Mariner CLO 2016-3 LLC reprint includes class A-R2 floating-rate notes (expected rating AAA), class B-R2 floating-rate notes (expected rating AA), class C-R2 deferrable floating-rate notes (expected rating A), class D-R2 deferrable floating-rate notes (expected rating BBB) and class E-R2 deferrable floating-rate notes (expected rating BB).

Citigroup Global Markets Inc. is the refinancing agent.

Mariner will continue to manage the CLO.

The notes are due July 23, 2029. The CLO has a one-year non-call period and a reinvestment period that ends in July 2021.

Mariner originally issued the $503.4 million CLO on Aug. 11, 2016. The CLO had priced $330 million of class A floating-rate notes at Libor plus 159 basis points; $55 million of class B floating-rate notes at Libor plus 200 bps; $30 million of class C floating-rate notes at Libor plus 290 bps; $25 million of class D floating-rate notes at Libor plus 400 bps; $20 million of class E floating-rate notes at Libor plus 700 bps and $43.4 million of subordinated notes.

In the first refinancing issued July 24, 2017, the CLO priced $315 million of class A-R floating-rate notes at Libor plus 127 bps; $63 million of class B-R floating-rate notes at Libor plus 185 bps; $37 million of class C-R deferrable floating-rate notes at Libor plus 265 bps; $25 million of class D-R deferrable floating-rate notes at Libor plus 380 bps; $20 million of class E-R deferrable floating-rate notes at Libor plus 680 bps and $43.4 million of subordinated notes.

Proceeds from the refinancing will be used to redeem the outstanding notes.

The alternative asset management firm is based in New York City.

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