PGIM brings euro CLO reprint; Rockford Tower refinances; TCW reprices; loan outflows up

By Cristal Cody

Tupelo, Miss., Jan. 31 – PGIM, Inc. priced €397.2 million of notes in a second refinancing of a vintage euro-denominated CLO that closed on Friday.

Meanwhile, Rockford Tower Capital Management, LLC priced $431.55 million of notes in a refinancing of a vintage 2017 broadly syndicated CLO deal.

Also in the dollar space, the TCW Group successfully repriced five tranches of notes from the TCW CLO 2019-1 AMR, Ltd./TCW CLO 2019-1 AMR LLC transaction in the first auction for a CLO using an applicable margin reset feature on Thursday, according to market sources.

The CLO, managed by TCW Asset Management Co. LLC, was originally issued on Feb. 28, 2019.

The AMR feature is likely to be used more often going forward to refinance vintage CLOs, Moody’s Investor Service reports.

“In light of the successful auction and assuming any technological or operational issues are resolved with note settlement scheduled on 18 February, we expect to see more collateral managers using this feature going forward because refinancings via AMR are simpler and more cost-efficient than traditional refinancings,” Moody’s vice president Peter Hallenbeck said in an e-mailed statement.

Elsewhere, leveraged loan fund outflows rose to $661 million for the past week ended Wednesday, up from $14 million of outflows in the prior week, according to a Fitch Ratings report on Friday.

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