| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers D > Headlines for Dryden 35 Euro CLO 2014 BV > News item |
Oaktree refinances $400 million 2014 CLO; PGIM refinances €353.7 million 2015 CLO notes
By Cristal Cody
Tupelo, Miss., May 17 – CLO refinancing action remains strong year to date in both the U.S. and European CLO markets.
In news Wednesday, Oaktree Capital Management LP refinanced $400 million of notes in a reset of a 2014 deal.
PGIM, Inc. refinanced €353.7 million of CLO notes from a 2015 transaction.
About $76 billion of U.S. CLOs and nearly €10 billion of euro CLOs have been refinanced year to date, according to market sources.
Oaktree resets CLO
Oaktree Capital Management sold $400 million of notes in a refinancing and reset of the Oaktree CLO 2014-1, Ltd./Oaktree CLO 2014-1 LLC transaction, according to a market source and a notice of executed first supplemental indenture on Tuesday.
The CLO priced the $271.3 million tranche of class A-1-R senior secured floating-rate notes at Libor plus 129 basis points.
The $3 million of class X notes are a new class in the CLO, which was originally priced in January 2014.
Citigroup Global Markets Inc. was the refinancing agent.
The maturity on the refinanced notes was extended to May 13, 2029 from the original Feb. 13, 2025 maturity.
Oaktree Capital Management priced two new U.S. CLOs in 2016.
The Los Angeles-based asset management firm is a subsidiary of Oaktree Capital Group, LLC.
PGIM refinances euro CLO
PGIM refinanced €353.7 million of notes due May 17, 2027 from a 2015-vintage Europe CLO, according to a market source.
Dryden 35 Euro CLO 2014 BV priced €232.1 million of class A-1A-R senior secured floating-rate notes at Euribor plus 95 bps at the top of the capital structure.
Goldman Sachs International was the refinancing agent.
The original €442.6 million transaction priced on Feb. 13, 2015. The CLO sold €232.1 million of the class A-1A senior secured floating-rate notes at Euribor plus 130 bps.
PGIM priced two euro-denominated CLOs and refinanced one vintage CLO in 2016.
The investment management firm is part of Newark, N.J.-based Prudential Financial Inc.
© 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.