Palmer Square brings second 2015 CLO reprint; Wellfleet prices refinancing of notes

By Cristal Cody

Tupelo, Miss., June 11 – The CLO refinancing space has been active in May and June with details out on two 2015 reprint transactions.

Palmer Square Capital Management LLC priced $666.9 million of notes in a second refinancing of a CLO that was first refinanced in 2017.

Wellfleet Credit Partners, LLC sold $324.63 million of notes in a third refinancing of a 2015 deal. The CLO was partially refinanced in 2017 and in 2018.

More than $17 billion of vintage CLOs have been refinanced, reissued or reset year to date, according to market sources.

In its deal, Palmer Square Capital Management priced $666.9 million of Rule 144A and Regulation S global notes due May 21, 2029 in a second refinancing of a vintage 2015 transaction, according to a market source and a notice of revised proposed supplemental indenture on Monday.

Palmer Square CLO 2015-1 Ltd./Palmer Square CLO 2015-1, LLC sold $457 million of class A-1-R2 senior secured floating-rate notes at Libor plus 122 basis points at the top of the capital stack.

J.P. Morgan Securities LLC was the refinancing placement agent.

The original CLO was issued May 21, 2015 and was first refinanced May 22, 2017.

Palmer Square Capital is an investment management firm based in Leawood, Kan.

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