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Crestline Denali refinances CLO again; new issue, reprint volume surpasses 2017 levels
By Cristal Cody
Tupelo, Miss., Oct. 1 – Crestline Denali Capital, LP returned to the CLO market to price $310.24 million of notes in a second refinancing of a 2015 vintage CLO deal.
CLO new issue and refinancing volume through September has surpassed the totals for all of 2017, according to a BofA Merrill Lynch research note released on Monday.
Year-to-date CLO refinancing volume totals $121 billion, while $94 billion of new issues have priced, according to the note.
“Through the entire 2017, we saw $177 [billion] worth of new-issue, reset and reissue supply in the primary market,” the note said. “This year so far, we have already seen $189 [billion], which is higher than all of 2017.”
Steady refinancing volume is expected due to October payment dates for several vintage CLOs that have exited their non-call periods, according to the note.
Crestline prices CLO
Crestline Denali Capital priced $310.24 million of notes in a second refinancing of the Denali Capital CLO XI, Ltd./Denali Capital CLO XI LLC offering, according to a market source and a notice of proposed second supplemental indenture on Friday.
Denali Capital CLO XI priced the $212.2 million of class A-1-RR senior secured floating-rate notes at Libor plus 113 basis points.
Natixis Securities Americas, LLC was the refinancing placement agent.
The maturity has been extended to October 2028 from April 20, 2027.
The original $413.68 million offering was issued March 5, 2015 and first refinanced July 20, 2017.
In the original issuance, Denali Capital CLO XI sold $253.5 million of class A-1 senior secured floating-rate notes at Libor plus 157 bps.
Crestline Denali has priced two new CLOs and refinanced two vintage CLOs year to date.
In 2017, the CLO manager priced one new CLO and refinanced one vintage issue.
The asset management firm is based in Oak Brook, Ill.
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