New deal volume grows; CIFC prices $1.02 billion CLO; Carlyle refinances notes

By Cristal Cody

Tupelo, Miss., Feb. 2 – CLO deal action continues to ramp up in the new issue market, while refinancing action remains steady so far in 2018.

CIFC CLO Management II LLC priced a $1.02 billion CLO offering via Morgan Stanley & Co. LLC. The CLO manager also has refinanced a vintage CLO in 2018.

In new refinancing action, details emerged on a repricing of a 2013 CLO from Carlyle Investment Management LLC subsidiary Carlyle CLO Management LLC.

More than $3 billion of new CLOs and more than $9 billion of refinanced CLOs have priced year to date, according to market sources.

CIFC prices 2018-I CLO

CIFC CLO Management II priced $1,019,250,000 of notes due April 18, 2031 in the new CIFC Funding 2018-I, Ltd./CIFC Funding 2018-I, LLC broadly syndicated CLO transaction, according to a market source on Friday.

The CLO sold $650 million of class A floating-rate notes at Libor plus 100 basis points in the senior tranche.

New York City-based investment adviser CIFC CLO Management is an affiliate of CIFC Asset Management LLC.

Carlyle reprices $386 million

Carlyle CLO Management refinanced $386 million of notes in a reset of the Carlyle Global Market Strategies CLO 2013-4 Ltd./Carlyle Global Market Strategies CLO 2013-4 LLC transaction, according to a notice of proposed supplemental indenture, amendment to income note paying agency agreement and refinancing redemption on Wednesday.

The CLO sold $234 million of class A-1-RR senior secured floating-rate notes at Libor plus 100 bps in the senior tranche.

Citigroup Global Markets Inc. is the refinancing placement agent.

The maturity on the refinanced notes was extended to January 2031 from the original Oct. 15, 2025 maturity.

The original $415.21 million transaction was issued on Nov. 7, 2013, and the CLO was partially refinanced on July 15, 2016.

Carlyle priced two new U.S. CLOs and refinanced five vintage U.S. CLOs in 2017.

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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