Triumph brings third deal; CSAM refinances CLO; $4.2 billion of notes refinanced in 2015

By Cristal Cody

Tupelo, Miss., May 20 – Triumph Capital Advisors, LLC sold $409.38 million of notes in the firm’s third CLO deal to date, pricing a AAA-rated tranche at Libor plus 151 basis points, according to a market source.

Triumph Capital Advisors, formed in February 2013, now manages five CLOs. The firm increased its CLOs under management by acquiring Doral Money, Inc. in March, according to a Moody’s Investors Service May CLO report.

“The acquisition is likely part of a new wave of manager consolidation ahead of U.S. risk-retention rules becoming effective in 2016,” Moody’s said. “Through its acquisition of Doral Money, Triumph Capital became the collateral manager for two active Doral U.S. CLO 2.0s, nearly doubling Triumph Capital’s assets under management less than a year since coming to the market with its own first deal.”

In the refinancing space, Credit Suisse Asset Management, LLC refinanced $440 million of fixed-rate and floating-rate notes in a vintage 2012 CLO transaction, according to a market source.

Also, $612 million of notes in the vintage 2012 Ares XXIV CLO Ltd. vehicle were refinanced by manager Ares Management LLC, a source said.

The $433.7 million slice of AAA-rated notes due Oct. 12, 2023 was refinanced 21 bps tighter at Libor plus 129 bps.

Morgan Stanley & Co. LLC was the refinancing agent.

Final refinancing details were not available by press time.

Ten U.S. CLOs have refinanced $4.2 billion of notes year to date, according to a J.P. Morgan Securities LLC report.

Triumph prices Trinitas CLO

Triumph Capital Advisors priced $409.38 million of notes due July 15, 2027 in the Trinitas CLO III Ltd./Trinitas CLO III LLC deal, according to a market source.

In the Aaa-rated tranches, the CLO priced $200 million of class A-1 floating-rate notes at Libor plus 160 bps; $36.5 million of class A-2 floating-rate notes at Libor plus 151 bps and $15 million of 3.37% class A-3 fixed-rate notes.

Nomura Securities International Inc. was the placement agent.

Triumph Capital Advisors will manage the CLO, which is backed primarily by broadly syndicated first-lien senior secured corporate loans.

The CLO has a two-year non-call period and a four-year reinvestment period.

Triumph Capital Advisors, a subsidiary of Dallas-based Triumph Bancorp, Inc., brought two CLO transactions in 2014.

CSAM refinances 2012 CLO

Credit Suisse Asset Management sold $440 million of notes due Aug. 15, 2022 in a refinancing of a vintage 2012 CLO transaction, according to a market source.

Madison Park Funding IX Ltd./Madison Park Funding IX LLC priced $319 million of class A-R floating-rate notes at Libor plus 129 bps, tighter than where the senior tranche originally priced at Libor plus 147 bps.

Credit Suisse Securities (USA) LLC was the refinancing agent.

Credit Suisse Asset Management is the CLO manager.

The CLO is backed primarily by broadly syndicated senior secured corporate loans.

Proceeds from the refinancing were used to redeem the original notes.

Credit Suisse Asset Management has priced two CLO deals year to date. CSAM brought four CLOs in 2014, including the $1 billion Madison Park Funding XIV Ltd./Madison Park Funding XIV LLC transaction.

The firm is a unit of Credit Suisse Group AG.

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