AB Private Credit prices $347.65 million middle-market CLO; Brigade refinances notes

By Cristal Cody

Tupelo, Miss., Nov. 17 – AB Private Credit Investors LLC priced $347.65 million of notes in the manager’s second middle-market CLO offering of the year.

In other pricing activity, Brigade Capital Management, LP refinanced $56.4 million of notes in two tranches from a 2018 broadly syndicated CDO, its second CDO refinancing year to date.

About $70 billion of broadly syndicated CLOs and about $8 billion of middle-market CLOs have priced so far in 2020, while more than $31 billion of notes have been refinanced this year, according to market sources.

In its deal, AB Private Credit Investors priced $347.65 million of notes due Nov. 18, 2031 in the middle-market CLO offering, a source said.

ABPCI Direct Lending Fund CLO IX Ltd./ABPCI Direct Lending Fund CLO IX LLC priced $196 million of class A-1 floating-rate notes at Libor plus 195 basis points at the top of the capital stack.

Barclays was the placement agent.

Meanwhile, Brigade Capital Management refinanced $56.4 million of notes due Oct. 25, 2035 from the vintage 2018 broadly syndicated CDO, according to a market source.

Brigade Debt Funding II Ltd. sold $40.44 million of 3.29% class B-R senior secured fixed-rate notes and $15.96 million of 4.04% class C-R mezzanine secured deferrable fixed-rate notes.

GreensLedge Capital Markets LLC was the refinancing agent.

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