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.

Nearly $60 billion of new issue broadly syndicated CLOs have priced so far this year.

Z Capital prices CLO

Z Capital Credit Partners priced $327.35 million of notes due July 16, 2031 in the new CLO offering, according to a market source.

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.

Amherst Pierpont Securities LLC arranged the offering.

The notes are collateralized mainly by broadly syndicated first-lien senior secured loans.

Z Capital Credit Partners is a global investment firm with offices in New York and Chicago.

Vintage 2017 CLO reprices

OPAL BSL priced $462 million of notes due July 20, 2029 in a refinancing of the 2017 vintage Golub Capital Partners CLO 35(B) Ltd./Golub Capital Partners CLO 35(B) LLC transaction, according to a market source.

The CLO sold $321.6 million of class A-R senior secured floating-rate notes at Libor plus 119 bps in the AAA-rated tranche.

BofA Securities, Inc. was the refinancing placement agent.

The CLO manager is now OPAL BSL. GS Advisors LLC previously was the manager.

The original CLO was issued July 6, 2017. In that offering, the CLO had priced $318.75 million of the class A notes at Libor plus 130 bps.

The offering is collateralized primarily by broadly syndicated senior secured term loans.

Golub Capital is a New York-based middle market lender.

PGIM reprices Dryden 43

PGIM priced $554.4 million of notes due July 20, 2029 in a second refinancing of the Dryden 43 Senior Loan Fund/Dryden 43 Senior Loan Fund LLC deal, according to a market source.

The CLO sold $381 million of the class A-R senior secured floating-rate notes at Libor plus 114 bps.

BNP Paribas Securities Corp. was the refinancing placement agent.

In the original $612.32 million offering issued Aug. 22, 2016, the CLO priced $381 million of the class A floating-rate notes at Libor plus 154 bps.

The CLO was partially refinanced on July 20, 2018.

The deal is collateralized primarily by broadly syndicated senior secured loans.

The asset management firm is part of Newark, N.J.-based Prudential Investment Management, Inc.

Symphony refinances

Symphony Asset Management sold $310 million of notes due Jan. 23, 2028 in a refinancing of the AAA-rated tranche in the Symphony CLO XVIII, Ltd. transaction, according to market sources.

The CLO priced $310 million of class A-R senior floating-rate notes at Libor plus 115 bps.

Nomura Securities International, Inc. was the refinancing placement agent.

In the original $504 million transaction issued Dec. 12, 2016, the CLO priced $310 million of class A senior floating-rate notes at Libor plus 143 bps.

The CLO is collateralized primarily by first-lien senior secured loans and eligible investments.

Symphony Asset Management has issued two new dollar-denominated CLOs and refinanced two vintage CLOs year to date.

The asset management firm is based in San Francisco.

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