Och-Ziff resets CLO; Bain Capital refinances 2014 notes; CELF refinances 2015 euro CLO

By Cristal Cody

Tupelo, Miss., Aug. 22 – Details emerged on vintage CLOs refinanced in the U.S. and European markets.

Och-Ziff Loan Management LP affiliate OZ CLO Management LLC priced $501.48 million of notes in a refinancing and reset of a 2015 CLO.

Bain Capital Credit, LP refinanced $345 million of notes from a 2014 transaction.

In the euro-denominated market, CELF Advisors LLP refinanced €359.1 million of notes from a 2015 CLO.

Refinancing action has been strong year to date. U.S. refinancing and reset deal volume year to date totals nearly $117 billion, while about €17.3 billion of refinanced and reset euro-denominated CLOs have priced in 2017, according to BofA Merrill Lynch.

In its deal, OZ CLO Management sold $501.48 million of notes in a refinancing and reset of the OZLM XI, Ltd./OZLM XI, LLC transaction, according to a market source and a notice of executed first supplemental indenture on Monday.

OZLM XI sold $332.3 million of class A-1-R senior secured floating-rate notes at Libor plus 125 bps at the top of the capital stack.

Citigroup Global Markets Inc. was the refinancing placement agent.

The maturity on the refinanced notes was extended to Oct. 30, 2030 from the original July 22, 2027 maturity.

The reinvestment period, set to end in 2019, was extended to October 2022. The refinanced CLO also has a new two-year non-call period.

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