BlackRock reprices 2015 CLO notes; CVC Credit Partners refinances two vintage CLOs

By Cristal Cody

Tupelo, Miss., Feb. 1 – Details emerged on three more CLO refinancing transactions.

BlackRock Financial Management, Inc. sold $470 million of notes in a refinancing of a 2015 vintage CLO.

CVC Credit Partners, LLC came to the primary market to refinance $485.2 million of notes from a 2013 vintage CLO and $377 million of notes from a 2016 vintage CLO.

In the broadly syndicated space, refinancing volume drove U.S. leveraged loan issuance in 2017, according to a Fitch Ratings release on Wednesday.

In the middle-market CLO space, middle-market issuers “are taking advantage of investor appetite to reset key transaction terms like lower cost of funding and extended reinvestment periods,” Fitch said in a separate release on Wednesday.

BlackRock reissues $470 million

BlackRock Financial Management sold $470 million of notes due Jan. 18, 2028 in a refinancing of a vintage 2015 CLO deal, according to a market source and a notice of revised proposed supplemental indenture on Wednesday.

Magnetite XVI, Ltd./Magnetite XVI LLC priced $335 million of class A-R senior secured floating-rate notes at Libor plus 80 basis points in the senior tranche.

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

The original $506.5 million CLO was issued Dec. 18, 2015.

BlackRock priced one new U.S. CLO and refinanced one vintage U.S. CLO in 2017.

In 2016, the CLO manager priced two new CLOs and refinanced two vintage CLOs.

The investment management firm is based in New York City.

CVC refinances $485.2 million

CVC Credit Partners priced $485.2 million of notes in a refinancing and reset of the vintage 2013 Apidos CLO XII/Apidos CLO XII LLC transaction, according to a notice of proposed second supplemental indenture on Wednesday.

The CLO sold $320.5 million of class A-R senior secured floating-rate notes at Libor plus 108 bps at the top of the capital structure.

RBC Capital Markets, LLC was the refinancing placement agent.

The maturity on the refinanced notes was extended to April 15, 2031 from the initial April 15, 2025 maturity.

The original $523 million transaction was issued on April 18, 2013.

CVC Credit Partners priced two new CLOs and refinanced four vintage CLOs in 2017.

The New York-based subsidiary of London-based CVC Capital Partners Ltd. priced two new CLOs and refinanced two CLOs in 2016.

CVC reprices Apidos XXIII

CVC Credit Partners also priced $377 million of notes in a refinancing of three tranches from a vintage 2016 CLO offering of notes due Jan. 14, 2027, according to a market source and a notice of executed supplemental indenture on Wednesday.

Apidos CLO XXIII/Apidos CLO XXIII LLC sold $310 million of class A-1-R senior secured floating-rate notes at Libor plus 82 bps in the senior slice.

Citigroup Global Markets Inc. was the deal arranger.

The original CLO was issued on Jan. 14, 2016.

CVC Credit Partners has refinanced two vintage CLOs year to date.

The New York City-based subsidiary of London-based CVC Capital Partners Ltd. priced two new CLOs and refinanced four vintage CLOs in 2017.

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