Invesco prices $407.85 million 2016 CLO reset; Ivy Hill plans $1 billion offering

By Cristal Cody

Tupelo, Miss., April 2 – Invesco Senior Secured Management, Inc. refinanced and reset a vintage 2016 broadly syndicated CLO and priced $407.85 million of notes in the transaction.

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

In the middle-market space, Ivy Hill Asset Management LP plans to price a $1 billion CLO.

More than $2 billion of middle-market CLOs have been sold so far in 2018.

Invesco refinances CLO

Invesco Senior Secured Management priced $407.85 million of notes in a refinancing and reset of a vintage 2016 broadly syndicated CLO transaction, according to a market source.

Upland CLO, Ltd./Upland CLO, LLC sold $258 million of class A-1-R floating-rate notes at Libor plus 102 basis points in the senior tranche.

Citigroup Global Markets Inc. was the refinancing placement agent.

The maturity on the notes was extended to April 20, 2031 from the original April 20, 2028 maturity.

The original $406.25 million Upland CLO priced on March 29, 2016 and sold $235 million of class A-1A floating-rate notes at Libor plus 160 bps, $25 million of 2.99% class A-1B fixed-rate notes, $21 million of class A-2A floating-rate notes at Libor plus 240 bps and $26 million of 3.95% class A-2B fixed-rate notes in the senior tranches.

Invesco Senior Secured Management is a subsidiary of Atlanta-based Invesco, Ltd.

Ivy Hill markets CLO

Ivy Hill Asset Management is offering $1,009,500,000 of notes due April 18, 2030 in the Ivy Hill Middle Market Credit Fund XIV Ltd./Ivy Hill Middle Market Credit Fund XIV LLC transaction, according to a market source.

The deal includes $560 million of class A-1 floating-rate notes (//AAA); $130 million of class A-2 floating-rate notes; $72.5 million of class B floating-rate notes; $62.5 million of class C floating-rate notes; $75 million of class D floating-rate notes and $109.5 million of subordinated notes.

Morgan Stanley & Co. LLC is the placement agent.

Ivy Hill Asset Management is a New York-based portfolio company of Ares Capital Corp.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.