Och-Ziff Europe refinances for €359 million; TICP CLO XIV prices $402.35 million notes

Chicago, Sept. 4 – On Wednesday the collateralized loan obligation market saw one refinancing price and one new portfolio price, similar to Tuesday.

Och-Ziff Europe Loan Management Ltd. refinanced five classes of notes for €359 million from a vintage December 2016 CLO.

And, TPG Sixth Street Partners, a firm that currently manages 12 CLOs, priced a new portfolio for $402.35 million.

After a quiet day back following a long Labor Day weekend in the United States, secondary volume picked up substantially on Wednesday.

In the investment-grade CBO/CDO/CLO market, $241.86 million traded hands at an average price of 99. Only $22.12 million was bought and sold on Tuesday, according to Trace data.

And, $32.22 million traded in the non-investment grade sector. The average price was 74.4. No notes were traded on Tuesday.

In its deal, Och-Ziff refinanced its class A, class B, class C, class D and class E notes in a refinancing issued by OZLME BV.

The spreads on all five classes of the notes were reduced in the refinancing.

The weighted average life covenant was extended by one year, according to Moody’s Investors Service.

The original classes of notes were redeemed with proceeds from the refinancing.

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