Monroe Capital refinances $345 million 2015 CLO; secondary trading volume picks up

By Cristal Cody

Tupelo, Miss., Aug. 24 – Details emerged on a new refinancing transaction from Monroe Capital LLC.

The CLO manager refinanced $345 million of notes from a 2015 transaction.

Year to date, more than $116 billion of U.S. dollar-denominated CLOs have been refinanced, according to market sources.

Monroe Capital refinanced $345 million of notes due May 22, 2027 from the Monroe Capital BSL CLO 2015-1, Ltd. transaction, according to a market source.

Monroe Capital BSL CLO 2015-1 sold $252 million of class A-R senior secured floating-rate notes at Libor plus 112 basis points in the AAA-rated tranche.

BNP Paribas Securities Corp. arranged the transaction.

In other pricing action, Bain Capital Credit Ltd. priced its new euro-denominated CLO, Bain Capital Euro CLO 2017-1 DAC, via Citigroup Global Markets Ltd., a source said. Final pricing details were not immediately available.

More than €10 billion of new euro CLOs have been brought to the primary market year to date, sources report.

In other activity, secondary market volume picked up on Wednesday after thin trading on Monday and Tuesday, according to Trace.

On Wednesday, $109.36 million of high-grade CBO/CDO/CLO issues and $50.37 million of non-investment-grade securities were traded.

During Tuesday’s session, $47.15 million of investment-grade issues and $48.9 million of lower-rated securities traded, while Monday saw $51.2 million of high-grade CBO/CDO/CLO issues trade. Trading volume in non-investment-grade securities was too small to register on Monday, according to Trace.

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