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.

Guggenheim brings CLO

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.

Morgan Stanley & Co. LLC was the placement agent.

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

The CLO manager priced three new CLOs and sold two add-ons to existing CLOs in 2016.

The investment management firm and subsidiary of Guggenheim Partners, LLC is based in Santa Monica, Calif.

OFS prices $408 million

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.

Nomura Securities International, Inc. was the placement agent.

OFS was last in the CLO primary market in 2014.

The CLO manager is a Chicago-based investment subsidiary of Orchard First Source Asset Management.

Carlyle refinances 2013 CLO

Carlyle CLO Management refinanced $614.5 million of notes in a reset of the Carlyle Global Market Strategies CLO 2013-1 Ltd./ Carlyle Global Market Strategies CLO 2013-1 LLC deal, according to a market source.

Carlyle Global Market Strategies CLO 2013-1 priced $380 million of class A-1-R floating-rate notes at Libor plus 122 bps in the senior tranche.

Citigroup Global Markets Inc. was the refinancing placement agent.

The maturity on the refinanced notes is Aug. 14, 2030, which was extended from the original Feb. 14, 2025 maturity.

In the original $542.4 million transaction that closed in February 2013, the CLO sold $380 million of class A-1 notes at Libor plus 130 bps.

Carlyle has priced two new CLOs and refinanced four vintage CLOs year to date.

The asset management firm and affiliate of Washington, D.C.-based Carlyle Group priced four new U.S. CLOs and refinanced five vintage CLOs in 2016.

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