Z Capital prices $327.35 million CLO; Golub affiliate, PGIM, Symphony refinance notes

By Cristal Cody

Tupelo, Miss., July 23 – Looking at new issue activity in the CLO market, Z Capital Credit Partners, LLC priced $327.35 million of notes in the manager’s first broadly syndicated CLO transaction of the year.

Meanwhile, the refinancing space has been busy in July.

Golub Capital affiliate OPAL BSL LLC priced $462 million of notes in a refinancing of a 2017 broadly syndicated CLO.

Also, PGIM, Inc. priced $554.4 million of notes in a second refinancing of a 2016 CLO.

In addition, Symphony Asset Management LLC sold $310 million of notes in a refinancing of the AAA-rated tranche from a 2016 CLO.

More than $27 billion of broadly syndicated CLOs have been refinanced year to date, according to market sources.

In its deal, Z Capital priced $327.35 million of notes due July 16, 2031 in the new CLO offering.

At the top of the capital stack, Z Capital Credit Partners CLO 2019-1, Ltd./Z Capital Credit Partners CLO 2019-1, LLC sold $1.85 million of class A-X amortizing senior secured floating-rate notes at Libor plus 110 basis points, $55 million of class A-1 senior secured floating-rate notes at Libor plus 185 bps, $110 million of class A-2 senior secured floating-rate notes at Libor plus 164 bps and $11 million of 3.71% class A-3 senior secured fixed-rate notes.

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