Oak Hill sells second reprint of 2015 CLO; MJX refinances AAA notes; refinancing eyed

By Cristal Cody

Tupelo, Miss., Dec. 6 – Oak Hill Advisors LP priced a $682.46 million second refinancing of a vintage 2015 broadly syndicated CLO transaction.

In other refinancing action, MJX Asset Management LLC sold $384 million of senior notes from a 2016 CLO deal.

Meanwhile on Friday, CBAM CLO Management LLC closed on its previously reported $920 million refinancing of notes from a 2018 broadly syndicated CLO. The CBAM 2018-6, Ltd./CBAM 2018-6 LLC vehicle priced $610 million of the class A-1-R floating-rate notes at Libor plus 127 basis points.

CLO managers have refinanced more than $44 billion of vintage CLOs through early December, compared to $119.5 billion of CLOs refinanced in the same period last year, according to a Wells Fargo Securities LLC research note.

Market sources expected about $55 billion of refinancing volume for the year.

In its deal, Oak Hill Advisors priced $682,457,000 of notes in the second refinancing, according to a market source and a notice of executed third supplemental indenture on Friday.

At the top of the capital structure, OHA Loan Funding 2015-1, Ltd./OHA Loan Funding 2015-1 Inc. sold $409 million of class A-1-R2 floating-rate notes at Libor plus 134 bps.

Citigroup Global Markets Inc. was the refinancing agent.

The maturity on the refinanced notes was extended to Nov. 15, 2032 from Jan. 23, 2027.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.