Bain eyes $374.55 million reprint of 2015 CLO notes; overall refinancing volume light

By Cristal Cody

Tupelo, Miss., June 12 – Bain Capital Credit Ltd. plans to refinance $374.55 million of notes from a vintage 2015 CLO offering.

More than $17 billion of vintage CLOs have been refinanced, reissued or reset year to date, according to market sources.

Refinancing volume is expected to slow this year compared to the $119 billion of CLOs refinanced in 2018, sources report.

In the new issue primary market, nearly $50 billion of broadly syndicated CLOs have priced year to date.

In its deal, Bain Capital Credit plans to refinance $374.55 million of notes due Jan. 15, 2028 from the vintage 2015 Avery Point CLO VII, Ltd./Avery Point CLO VII, Corp. transaction, according to a market source and a notice of proposed second supplemental indenture on Friday.

The Rule 144A and Regulation S offering includes $252 million of class A-R senior secured floating-rate notes (expected ratings Aaa//AAA); $45.7 million of class B-R senior secured floating-rate notes (expected ratings Aa2); $21.8 million of class C-R senior secured deferrable floating-rate notes (expected ratings A2); $26.65 million of class D-R senior secured deferrable floating-rate notes (expected ratings Baa3); $21.2 million of class E-R senior secured deferrable floating-rate notes (expected ratings Ba3) and $7.2 million of class F-R senior secured deferrable floating-rate notes (expected ratings B3).

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