Carlyle plans to refinance two vintage CLOs in May as refinancing supply remains steady

By Cristal Cody

Tupelo, Miss., May 3 – Carlyle Investment Management LLC has two refinancing deals expected to close later in May, according to market sources on Thursday.

Affiliate Carlyle CLO Management LLC is pricing the $424.3 million Carlyle C17 CLO Ltd./Carlyle C17 CLO Corp. transaction, which is a refinancing and reset of Cent CLO 17 Ltd., a 2013 issue from manager Columbia Management Investment Advisers LLC.

Goldman Sachs & Co. LLC is the refinancing placement agent.

The deal is expected to close on May 10.

Carlyle CLO Management is also refinancing $621.1 million of notes in the Carlyle Global Market Strategies CLO 2014-2-R, Ltd./Carlyle Global Market Strategies CLO 2014-2-R, LLC transaction in a deal expected to close on May 15. BNP Paribas Securities Corp. is the refinancing placement agent.

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

The asset management firm is an affiliate of Washington, D.C.-based Carlyle Group.

More than $46 billion of vintage CLOs have been refinanced year to date, according to market sources.

Secondary activity rises

In the secondary market, trading volume jumped on Wednesday in both high-grade and lower-rated CBO/CDO/CLO issues, according to Trace data.

The session had $147.89 million of investment-grade securities and $186.51 million of non-high-grade issues trade.

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