CLO refinancings continue; Carlyle, HPS Investment, Teachers Advisors reprice CLOs

By Cristal Cody

Tupelo, Miss., July 24 – New details emerged on three more vintage CLOs that were refinanced in July.

Carlyle Investment Management LLC subsidiary Carlyle CLO Management LLC refinanced $519.5 million of notes from a 2015 CLO.

HPS Investment Partners, LLC priced $505.9 million of notes in a refinancing of 2016 CLO notes.

Teachers Advisors, LLC also repriced $457.24 million of notes from a vintage 2016 deal.

More than $71 billion of U.S. CLOs have been refinanced year to date, according to market sources.

Carlyle refinances CLO

Carlyle CLO Management refinanced $519,575,000 of notes due July 20, 2028 from the Carlyle Global Market Strategies CLO 2015-3 Ltd./Carlyle Global Market Strategies CLO 2015-3 LLC transaction, according to a notice of revised form of proposed supplemental indenture for refinancing redemption on Monday.

The CLO sold $362.25 million of class A-1-R senior secured floating-rate notes at Libor plus 100 basis points at the top of the capital structure.

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

The original $589.59 million transaction was issued on Aug. 6, 2015.

In that deal, the CLO priced $262.25 million of class A-1 senior secured floating-rate notes at Libor plus 140 bps.

Carlyle priced two new U.S. CLOs and refinanced five vintage U.S. CLOs in 2017.

The asset management firm is an affiliate of Washington, D.C.-based Carlyle Group.

HPS reprices $505.9 million

HPS Investment Partners priced $505,975,000 of notes in a refinancing of a vintage CLO offering, according to a market source and a notice of executed first supplemental indenture on Monday.

HPS Loan Management 8-2016 Ltd./HPS Loan Management 8-2016 LLC sold $292.5 million of class A1-R senior secured floating-rate notes at Libor plus 102 bps in the senior slice.

HPS Investment Partners will manage the CLO.

The maturity on the notes was extended to July 20, 2030 from the original April 20, 2027 maturity.

The $406.75 million original CLO was issued April 7, 2016. In that offering, the CLO priced $248 million of 1.55% class A senior secured fixed-rate notes in the senior tranche.

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

The subsidiary of Highbridge Capital Management, LLC is based in New York City.

Teachers Advisors refinances

Teachers Advisors refinanced $457,245,000 of notes from a vintage 2016 broadly syndicated CLO offering, according to a market source and a notice of executed supplemental indenture on Monday.

TIAA CLO I Ltd./TIAA CLO I LLC priced the $288 million of class A-R senior secured floating-rate notes at Libor plus 120 bps.

Wells Fargo Securities LLC was the refinancing placement agent.

The maturity on the notes was extended to July 20, 2031 from the original July 20, 2028 maturity.

The $455,545,000 CLO was originally issued June 23, 2016. The CLO had placed $292.5 million of class A floating-rate notes at Libor plus 170 bps in the AAA-rated tranche.

Teachers Advisors, an indirect subsidiary of TIAA Global Asset Management, is based in New York City.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.