Guggenheim prices $600 million; OFS brings firm’s first CLO since 2014; Carlyle refinances

By Cristal Cody

Tupelo, Miss., July 28 – Two managers priced new CLO transactions, while a third refinanced a vintage deal.

Guggenheim Partners Investment Management LLC returned to the primary market to price its second new CLO of the year with a $600 million transaction.

OFS CLO Management LLC priced a $408 million CLO in its first offering of the year and the first CLO deal for parent company Orchard First Source Asset Management LLC since 2014.

In refinancing action, Carlyle Investment Management LLC subsidiary Carlyle CLO Management LLC priced $614.5 million of notes in a reset of a 2013 CLO.

About $50 billion of new broadly syndicated CLOs have priced year to date, while nearly $100 billion of vintage CLOs have been refinanced in 2017, according to market sources.

In its deal, Guggenheim Partners Investment Management priced $600 million of notes due Aug. 10, 2029 in the new CLO offering, according to a market source.

Hempstead II CLO Ltd. sold $378 million of class A-1 senior secured floating-rate notes at Libor plus 133 basis points at the top of the capital structure.

Meanwhile, OFS CLO Management priced $408 million of notes due Aug. 16, 2029 in the OFSI BSL VIII Ltd./OFSI BSL VIII LLC transaction, according to a market source.

OFSI BSL VIII sold $252 million of floating-rate notes at a discount margin of Libor plus 132 bps in the class A tranche.

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