Anchorage Capital sells $560.69 million CLO; Neuberger Berman refinances; secondary volume up

By Cristal Cody

Eureka Springs, Ark., Nov. 16 – Details emerged on new and refinanced CLO issuance in the U.S. markets on Wednesday.

Anchorage Capital Group, LLC priced $560.69 million of notes in the CLO manager’s second new deal of the year.

In refinancing activity, Neuberger Berman Investment Advisers LLC refinanced $459.5 million of notes in a vintage 2014 CLO.

Securitized secondary market activity picked up over Tuesday’s session with $167.13 million of high-grade securities and $120.97 million of non-investment-grade issues traded, according to Trace.

On Monday, $80.25 million of high-grade CBO/CDO/CLO issues and $103.45 million of non-investment-grade securities were traded.

Anchorage Capital prices CLO

Anchorage Capital Group priced $560.69 million of notes due Jan. 15, 2029 in the Anchorage Capital CLO 9 Ltd./Anchorage Capital CLO 9 LLC transaction, according to a market source.

The CLO sold $343.75 million of class A senior secured floating-rate notes (Aaa//AAA) at Libor plus 151 basis points at the top of the capital structure.

J.P. Morgan Securities LLC arranged the offering.

Proceeds will be used to purchase a portfolio of about $500 million of mostly senior secured leveraged loans.

The transaction is backed primarily by first-lien senior secured loans.

Anchorage Capital Group has priced two CLOs and one CDO and refinanced one vintage CLO year to date.

The New York City-based asset manager brought two CLOs and two CDOs to market in 2015.

Neuberger Berman refinances

Neuberger Berman Investment Advisers refinanced $459.5 million of notes due Nov. 14, 2027 in the Neuberger Berman CLO XVIII, Ltd./Neuberger Berman CLO XVIII, LLC transaction, according to a market source and a notice of executed second supplemental indenture.

The CLO sold $307.5 million of class A-1-R senior secured floating-rate notes at Libor plus 143 bps in the senior tranche.

Barclays was the refinancing agent.

The maturity on the refinanced notes was extended by two years.

The deal is backed predominantly by broadly syndicated first-lien senior secured corporate loans and eligible investments.

Proceeds were used to redeem the original notes on Monday.

Neuberger has priced two new CLOs and refinanced tranches from three vintage CLOs year to date.

The Chicago-based firm, part of Neuberger Berman Group, LLC, brought two CLO transactions to market in 2015.

© 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.