Benefit Street prices $608.1 million in new CLO; TICP, PineBridge refinance vintage 2014 CLOs

By Cristal Cody

Tupelo, Miss., March 29 – Benefit Street Partners LLC came to the CLO market with a new transaction.

The CLO manager priced $608.1 million of notes.

In the refinancing space, details emerged for two vintage 2014 CLOs that were refinanced.

TICP CLO III Management, LLC sold $437.5 million of notes in its first transaction of 2017.

PineBridge Investments LLC priced $373.75 million of notes in its second refinanced CLO of the year.

Benefit Street brings new CLO

Benefit Street Partners priced $608.1 million of notes due April 15, 2029 in the Benefit Street Partners CLO XI Ltd./Benefit Street Partners CLO XI LLC deal, according to a market source.

Benefit Street Partners CLO XI sold $387 million of class A-1 floating-rate notes at Libor plus 130 basis points in the AAA-rated slice.

J.P. Morgan Securities LLC arranged the offering.

Proceeds will be used to purchase a portfolio of $600 million of mostly senior secured leveraged loans.

Benefit Street Partners has priced one new CLO and refinanced one vintage 2014 CLO year to date.

The CLO manager priced one new CLO and refinanced one vintage CLO transaction in 2016.

The credit investment arm of Providence Equity Partners LLC is based in New York City.

TICP refinances CLO

TICP CLO III Management refinanced $437.5 million of fixed- and floating-rate global secured notes at par in the vintage 2014 TICP CLO III, Ltd./TICP CLO III, LLC transaction, according to a market source and a notice of revised proposed supplemental indenture and partial redemption by refinancing.

The CLO sold $320 million of class A-R senior secured floating-rate notes at Libor plus 118 bps in the senior tranche.

The notes are due Jan. 20, 2027.

Morgan Stanley & Co. LLC was the refinancing agent.

Proceeds will be used to redeem the original class A, B-1, B-2, C, D-1 and D-2 notes.

TICP CLO Management is a Fort Worth, Texas-based affiliate of TPG Institutional Credit Partners, LLC.

PineBridge refinances CLO

PineBridge Investments sold $373.75 million of notes due Oct. 15, 2026 in a refinancing of a vintage 2014 broadly syndicated CLO offering, according to a market source.

Galaxy XVIII CLO Ltd./Galaxy XVIII CLO LLC priced $280.35 million of class A-R floating-rate notes at Libor plus 117 bps at the top of the capital stack.

Goldman Sachs & Co. was the refinancing agent.

Proceeds from the offering will be used to redeem the original class A, B, C-1, C-2 and D-2 notes.

PineBridge Investments has priced one new CLO and refinanced two vintage CLOs year to date.

The asset management firm is based in New York City.

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