3i refinances $406 million CLO, prints AAAs at Libor plus 108 bps; June refinancings active

By Cristal Cody

Tupelo, Miss., June 24 – 3i Debt Management U.S. LLC refinanced a $406 million vintage 2012 CLO offering and placed the AAA-rated tranche at a tighter Libor plus 108 basis points.

So far in June, CLO managers including GSO/Blackstone Debt Funds Management LLC, CIFC Asset Management LLC, Apollo Credit Management (CLO) LLC and Babson Capital Management LLC have refinanced 2012 vintage deals.

CLO managers have refinanced about $7.5 billion of CLO notes year to date, according to J.P. Morgan Securities LLC.

3i Debt Management refinanced $406 million of notes due April 20, 2023 in a 2012 vintage collateralized loan obligation offering, a market source said.

Fraser Sullivan CLO VII Ltd. refinanced $273.5 million of class A-1R senior secured floating-rate notes at Libor plus 108 bps, tighter than where the original notes priced at Libor plus 130 bps.

The CLO sold $53.5 million of class A-2R senior secured floating-rate notes at Libor plus 180 bps, improved from where the notes originally priced at Libor plus 250 bps.

Fraser Sullivan CLO VII refinanced $39 million of class B-R senior secured deferrable floating-rate notes at Libor plus 250 bps, 50 bps better than the original print.

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