Anchorage, Voya, Pacific Asset price; Neuberger Berman, MJX, Invesco, Octagon refinance

By Cristal Cody

Tupelo, Miss., Feb. 24 – In the securitized primary market, Anchorage Capital Group, LLC priced a $509.6 million CDO transaction.

Looking at the broadly syndicated CLO primary market, Voya Alternative Asset Management LLC sold €354.75 million of notes in a new euro-denominated deal.

In addition, Pacific Asset Management LLC priced a $405.7 million dollar-denominated broadly syndicated CLO.

In other pricing action, the CLO refinancing space remains active.

Neuberger Berman Investment Advisers LLC sold $503.2 million of notes in a second refinancing of a vintage 2014 CLO.

MJX Asset Management LLC affiliate MJX Venture Management LLC priced $461.5 million of notes in a second refinancing of a 2013 CLO.

Invesco RR Fund LP refinanced $460 million of notes from a 2017 CLO.

Octagon Credit Investors, LLC priced $440.25 million of notes in a refinancing of a 2016 CLO.

Coming up, Benefit Street Partners LLC plans to price a second refinancing of a 2013 broadly syndicated CLO.

Anchorage sells CDO

Anchorage Capital Group priced a $509.6 million CDO transaction, according to market sources.

Anchorage Credit Funding 10, Ltd./Anchorage Credit Funding 10, LLC sold $241.65 million of 3.619% class A senior secured fixed-rate notes in the AAA-rated tranche.

GreensLedge Capital Markets LLC was the placement agent.

The notes are due April 26, 2038.

The CDO is collateralized primarily by corporate bonds and loans.

Anchorage Capital is a New York-based global asset manager.

Pacific Asset brings CLO

Pacific Asset Management priced $405.7 million of notes due Jan. 20, 2033 in a new broadly syndicated CLO offering, according to market sources.

Trestles CLO III Ltd./Trestles CLO III LLC sold $247 million of class A-1 floating-rate notes at Libor plus 133 basis points at the top of the capital structure.

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

The notes are backed primarily by broadly syndicated senior secured corporate loans.

Pacific Asset Management is a Newport Beach, Calif.-based subsidiary of Pacific Life Insurance Co.

Voya sells €354.75 million

Voya Alternative Asset Management priced €354.75 million of notes due April 30, 2033 in a new euro-denominated broadly syndicated CLO offering, according to market sources.

Voya Euro CLO III DAC sold €215 million of the class A floating-rate notes at Euribor plus 92 bps.

Credit Suisse Securities (Europe) Ltd. was the placement agent.

The deal is collateralized mostly by senior secured leveraged loans and bonds.

Voya Alternative Asset Management is an affiliate of New York City-based Voya Investment Management LLC.

Neuberger Berman refinances

Neuberger Berman Investment Advisers sold $503.2 million of notes in a second refinancing of the vintage 2014 Neuberger Berman CLO XVII, Ltd./Neuberger Berman CLO XVII LLC transaction, according to a notice of revised proposed second supplemental indenture on Friday.

The CLO priced $336.4 million of class A-R2 senior secured floating-rate notes at Libor plus 103 bps in the senior tranche.

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

The notes are due April 22, 2029.

Neuberger Berman originally issued the CLO on July 16, 2014 and first refinanced the notes on May 4, 2017.

The CLO is backed predominantly by broadly syndicated first-lien senior secured corporate loans.

The Chicago-based firm is part of Neuberger Berman Group, LLC.

Octagon reprices 29 CLO

Octagon Credit Investors priced $440.25 million of notes in a refinancing of the Octagon Investment Partners 29, Ltd./Octagon Investment Partners 29, LLC CLO offering, according to a notice of proposed second supplemental indenture on Friday.

The CLO sold $304 million of the class A-R senior secured floating-rate notes at Libor plus 118 bps.

Citigroup Global Markets Inc. was the refinancing placement agent.

The maturity was extended to January 2033 from Jan. 24, 2028.

The original $510.75 million transaction was issued Dec. 21, 2016.

The CLO is backed primarily by broadly syndicated first-lien senior secured loans.

Octagon Credit Investors is a New York-based credit investment firm that is majority owned by Conning & Co.

MJX prints $461.5 million

MJX Venture Management priced $461.5 million of notes due Aug. 28, 2029 in a second refinancing of a 2013 CLO transaction, according to a notice of revised proposed supplemental indenture on Friday.

Venture XIV CLO, Ltd./Venture XIV CLO, LLC sold $346 million of class A-R-R floating-rate notes at Libor plus 103 bps, $60 million of class B-R-R floating-rate notes at Libor plus 155 bps and $55.5 million of class C-R-R floating-rate notes at Libor plus 225 bps.

Nomura Securities International, Inc. was the refinancing placement agent.

The refinanced CLO has an extended non-call period to but excluding the payment date in February 2021.

The original CLO was issued on Aug. 14, 2013 and was first refinanced on Aug. 28, 2017.

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

The asset management firm is based in New York City.

Invesco refinances notes

Invesco RR Fund priced $460 million of notes due October 2030 in a refinancing of a vintage 2017 broadly syndicated CLO deal, according to market sources and a notice of executed supplemental indenture on Friday.

Milos CLO Ltd./Milos CLO LLC sold $325 million of class A-R senior secured floating-rate notes at Libor plus 107 bps in the AAA-rated tranche.

Barclays was the refinancing placement agent.

The original $509.4 million offering was issued Sept. 14, 2017.

The CLO is backed mostly by first-lien senior secured leveraged loans.

Invesco RR Fund is an affiliate of Invesco Senior Secured Management, Inc. and subsidiary of Atlanta-based Invesco, Ltd.

Benefit Street refinancing

Benefit Street Partners intends to refinance notes from the Benefit Street Partners CLO III Ltd./Benefit Street Partners CLO III LLC deal, according to a notice of proposed third supplemental indenture on Friday.

Benefit Street Partners CLO III plans to price class X-R2 senior secured floating-rate notes, class A-1-R2 senior secured floating-rate notes, class A-2-R2 senior secured floating-rate notes, class B-R2 senior secured deferrable floating-rate notes, class C-R2 senior secured deferrable floating-rate, class D-R2 secured deferrable floating-rate notes and subordinated notes.

Citigroup is the refinancing placement agent.

The original notes were issued on Dec. 5, 2013 and were first refinanced on July 20, 2017.

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

The credit investment arm of Providence Equity Partners LLC is based in New York City.

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