Pretium Credit prices $453.52 million CLO; Eaton Vance brings reprint of 2013 notes

By Cristal Cody

Tupelo, Miss., Aug. 13 – Pretium Credit Management LLC priced $453.52 million of notes in the manager’s first CLO offering of the year.

In refinancing action, Eaton Vance Management sold $390.5 million of notes in a second reprint of a vintage 2013 CLO.

CLO managers have priced nearly $70 billion of broadly syndicated CLOs and refinanced about $30 billion of vintage CLOs year to date, according to market sources.

Pretium prints CLO

Pretium Credit Management priced $453.52 million of notes due Oct. 20, 2032 in the new Crown Point CLO 8, Ltd./Crown Point CLO 8, LLC transaction on Monday, according to a market source.

The CLO sold $292.5 million of class A senior secured floating-rate notes at Libor plus 139 basis points in the AAA-rated tranche.

J.P. Morgan Securities LLC was the placement agent.

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

Pretium Credit Management is an investment advisory firm based in New York.

Eaton Vance prices

Eaton Vance Management priced $390.5 million of notes due Jan. 15, 2028 in the second refinancing of a vintage 2013 CLO deal, according to a market source.

Eaton Vance CLO 2013-1 Ltd./Eaton Vance CLO 2013-1, LLC sold $270.6 million of the class A-1-RR senior secured floating-rate notes at Libor plus 116 bps at the top of the capital stack.

Goldman Sachs & Co. LLC arranged the transaction.

The CLO was originally issued Nov. 13, 2013 and was reset Dec. 20, 2016.

In the original issue, the $434,225,000 CLO sold $257 million of class A-1 senior secured floating-rate notes at Libor plus 136 bps, while in the first refinancing, it priced $260.6 million of class A-1-R senior secured floating-rate notes at Libor plus 142 bps.

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

Eaton Vance has priced one new issue CLO and refinanced one vintage CLO year to date.

Boston-based Eaton Vance Management is a subsidiary of Eaton Vance Corp.

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