Och-Ziff prices $512 million new CLO notes; Benefit Street resets $511.9 million 2013 CLO

By Cristal Cody

Tupelo, Miss., July 13 – Och-Ziff Loan Management LP priced a new $512 million CLO offering, while Benefit Street Partners LLC sold $511.9 million of notes in a refinancing and reset of a 2013 deal.

More than $50 billion of new CLOs have priced year to date, market sources report.

The refinancing space has seen nearly $100 billion of volume in 2017.

In the secondary market, trading volume totaled $86.02 million in high-grade CBO/CDO/CLO issues and $80.37 million in non-high-grade securities on Wednesday, according to Trace. Tuesday’s session saw about $55.51 million of investment-grade securities and $107.16 million of non-investment-grade issues trade.

In its deal, Och-Ziff Loan Management priced $512 million of notes due July 22, 2030 in the CLO transaction, according to a market source.

OZLM XVII, Ltd./OZLM XVII, LLC sold $322.5 million of class A-1 senior secured floating-rate notes at Libor plus 125 basis points in the senior tranche.

Morgan Stanley & Co. LLC arranged the deal.

Meanwhile, Benefit Street Partners priced $511.9 million of replacement notes in a refinancing and reset of a 2013 broadly syndicated CLO, according to a market source and a notice of executed second supplemental indenture.

Benefit Street Partners CLO II Ltd./Benefit Street Partners CLO II LLC sold $307.5 million of class A-1-R senior secured floating-rate notes at Libor plus 125 bps at the top of the capital structure.

Deutsche Bank Securities Inc. was the underwriter.

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