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Assurant prices $464.02 million new CLO; HPS Investment Partners refinances $690 million CLO
By Cristal Cody
Tupelo, Miss., Aug. 7 – In new pricing action in the CLO market, Assurant CLO Management, LLC sold $464.02 million of notes in the manager’s third transaction to date and second one of the year.
The CLO refinancing market also remains active.
HPS Investment Partners, LLC reset $690 million of notes from a 2016 CLO offering.
Nearly $70 billion of new CLOs have priced year to date, while nearly $80 billion of vintage CLOs have been refinanced this year, according to market sources.
Assurant brings CLO III
Assurant CLO Management priced $464.02 million of notes due Oct. 20, 2031 in the Assurant CLO III, Ltd. transaction, according to a market source.
The CLO sold $296.7 million of class A floating-rate notes at Libor plus 123 basis points in the senior tranche.
J.P. Morgan Securities, LLC arranged the transaction.
The deal is backed primarily by broadly syndicated first lien senior secured loans.
Assurant CLO Management is a subsidiary of Assurant Investment Management, LLC.
HPS Loan 9-2016 reset
HPS Investment Partners priced $690 million of notes in a refinancing and reset of the HPS Loan Management 9-2016 Ltd./HPS Loan Management 9-2016 LLC offering, according to a market source and a notice of executed first supplemental indenture.
HPS Loan Management 9-2016 sold $451,875,000 of class A-1AR senior secured floating-rate notes at Libor plus 104 bps at the top of the capital structure.
BNP Paribas Securities Corp. was the refinancing placement agent.
The maturity on the on the notes was extended to July 19, 2030 from the original July 19, 2027 maturity.
The original CLO was issued June 8, 2016. In that offering, the CLO priced $310 million of class A-1 senior secured floating-rate notes at Libor plus 156 bps.
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.
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