E-mail us: service@prospectnews.com Or call: 212 374 2800
Bank Loans - CLOs - Convertibles - Distressed Debt - Emerging Markets
Green Finance - High Yield - Investment Grade - Liability Management
Preferreds - Private Placements - Structured Products
 
Add to balance / Manage account  User:  Log out
Prospect News home > News index > List of issuers N > Headlines for Newhaven CLO, DAC > News item
Published on 2/3/2017 in the Prospect News CLO Daily.

Bain Capital Credit refinances €324.9 million CLO; securitized secondary market active

By Cristal Cody

Tupelo, Miss., Feb. 3 – Euro-denominated CLO refinancing action is picking up, while the pace in the U.S. market remains strong in 2017 with more than $6 billion of CLOs refinanced year to date, according to informed sources.

Bain Capital Credit Ltd. priced €324.9 million of notes in a refinancing of a 2014 European deal.

In January, Blackstone/GSO Debt Funds Management Europe Ltd. refinanced €307 million of notes in the Phoenix Park CLO Ltd./Phoenix Park CLO LLC transaction.

Securitized secondary trading has been active over the week. On Thursday, $208.18 million of high-grade securities and $254.1 million of non-investment-grade CBO/CDO/CLO issues were traded, Trace shows.

High-grade trading volume totaled $260.8 million on Wednesday and $95 million on Tuesday.

Secondary market volume in non-investment-grade issues was $201.4 million on Wednesday and $114.5 million on Tuesday.

Bain refinances euro CLO

Bain Capital Credit priced €324.9 million of notes in a refinancing of the vintage 2014 Newhaven CLO DAC offering, according to a market source.

The CLO priced the €205.9 million tranche of class A-1-R senior secured floating-rate notes at Euribor plus 99 basis points.

Morgan Stanley & Co. International plc arranged the refinancing.

The maturity on the refinanced notes was extended to Nov. 15, 2030 from the original Oct. 26, 2026 maturity.

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

Proceeds will be used to redeem the original notes.

Bain Capital Credit is an asset management firm based in Boston.


© 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.