Deutsche Investment, Kramer Van Kirk, Prudential refinance CLOs; Ares preps new deal

By Cristal Cody

Tupelo, Miss., March 31 – Three CLO managers refinanced vintage CLO deals, while another is marketing a new CLO transaction.

Deutsche Investment Management Americas Inc. refinanced $350.85 million of notes from a CLO that priced in 2013.

Kramer Van Kirk Credit Strategies LP refinanced $415 million of notes from a 2014 offering.

Prudential Investment Management, Inc. refinanced $525 million of notes in a vintage 2014 CLO.

Looking ahead to new issuance, Ares CLO Management LLC plans to price an $818.25 million offering.

Deutsche sells CLO

Deutsche Investment Management Americas refinanced $350.85 million of notes due Jan. 18, 2026 in the vintage Flagship CLO VII Ltd. deal, according to a market source.

The CLO priced $241.1 million of class A-1-R floating-rate notes at Libor plus 112 basis points in the senior tranche.

Deutsche Bank Securities Inc. was the refinancing agent.

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

Deutsche Investment Management is a subsidiary of Deutsche Asset & Wealth Management, part of Deutsche Bank AG.

KVK CLO 2014-3 refinances

Kramer Van Kirk Credit Strategies refinanced $415 million of notes due Oct. 15, 2026 at par in the KVK CLO 2014-3 Ltd./KVK CLO 2014-3 LLC transaction, according to a market source.

The CLO sold $317.5 million of class A-R floating-rate notes at par to yield Libor plus 120 bps in the AAA-rated tranche.

Goldman Sachs & Co. was the refinancing agent.

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

Kramer Van Kirk Credit Strategies has refinanced three vintage CLOs year to date.

The Chicago-based CLO manager priced one new CLO deal in 2016.

Prudential refinances CLO

Prudential Investment Management refinanced $525 million of notes due April 18, 2026 in the vintage 2014 Dryden 31 Senior Loan Fund deal, according to a market source.

The vintage 2014 CLO priced $373.5 million of class A-R floating-rate notes at par to yield Libor plus 108 bps at the top of the capital stack.

Citigroup Global Markets Inc. was the refinancing agent.

Proceeds from the transaction will be used to redeem the original class A, B, C and D notes.

Newark, N.J.-based Prudential Investment Management priced three U.S. CLOs and refinanced two vintage U.S. CLOs in 2016.

Ares offers $818.25 million

Coming up in new supply, Ares CLO Management plans to price $818.25 million of notes due Oct. 15, 2029 in the Ares XLIII CLO Ltd./Ares XLIII CLO LLC transaction, according to a market source.

The CLO offering includes $520 million of class A floating-rate notes (//AAA); $88 million of class B floating-rate notes; $52 million of class C floating-rate notes; $44 million of class D floating-rate notes; $32 million of class E floating-rate notes; $12 million of class F floating-rate notes and $70.25 million of subordinated notes.

BNP Paribas Securities Corp. is the placement agent.

Ares CLO Management, a subsidiary of Ares Management LLC, will manage the CLO.

The CLO will have a two-year non-call period and a four-year reinvestment period.

Proceeds will be used to purchase a portfolio of about $800 million leveraged loans.

The deal is backed primarily by senior secured corporate loans.

Ares Management priced two new CLOs and refinanced two vintage CLOs in 2016.

The alternative asset management firm is based in Los Angeles.

© 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.