TCW Group prices $407.95 million CLO; DFG Investment Partners to reprice one tranche

By Cristal Cody

Tupelo, Miss., Nov. 4 – The TCW Group priced $407.95 million in the manager’s second CLO transaction of the year.

Meanwhile, DFG Investment Partners, Inc. plans to refinance $288 million of notes in the AAA-rated tranche from a vintage 2016 CLO deal and dropped plans to reprice the other tranches in the deal.

The CLO primary market was quiet last week with just one new issue and no refinancing volume, according to a research note released Monday from BofA Merrill Lynch.

“However, we see three new issue CLO deals, two BSL and one MM, as well as one reset in various stages of marketing with a total combined balance of $2.4 [billion] to kick off the start of November,” according to the report.

TCW brings CLO 2019-2

The TCW Group priced $407.95 million of notes due Oct. 20, 2032 in the manager’s second CLO transaction of the year, according to market sources.

TCW CLO 2019-2, Ltd./TCW CLO 2019-2 LLC sold $215 million of class A-1A floating-rate notes at Libor plus 134 basis points at the top of the capital structure.

Jefferies LLC was the placement agent.

TCW Group subsidiary TCW Asset Management Co. LLC will manage the CLO.

The deal is backed primarily by broadly syndicated first-lien senior secured loans.

The global asset management company is based in Los Angeles.

DFG plans reprint

DFG Investment Partners plans to refinance $288 million of notes due Jan. 20, 2029 (Aaa//AAA) from the Vibrant CLO V Ltd./Vibrant CLO V LLC offering, according to a market source and a notice of revised proposed supplemental indenture on Friday.

Vibrant CLO V intends to price $249 million of class A-R senior secured floating-rate notes (expected ratings Aaa//AAA) in the Rule 144A and Regulation S deal.

The company initially planned to refinance the original CLO’s class B, C and D tranches but has dropped those tranches from the revised offering.

BNP Paribas Securities Corp. is the refinancing placement agent.

The CLO was first issued Dec. 22, 2016 and is backed primarily by broadly syndicated first-lien senior secured corporate loans.

DFG Investment Advisors is an asset management firm based in New York.

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