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AB Private Credit prices $347.65 million middle-market CLO; Brigade refinances notes
By Cristal Cody
Tupelo, Miss., Nov. 17 – AB Private Credit Investors LLC priced $347.65 million of notes in the manager’s second middle-market CLO offering of the year.
In other pricing activity, Brigade Capital Management, LP refinanced $56.4 million of notes in two tranches from a 2018 broadly syndicated CDO, its second CDO refinancing year to date.
About $70 billion of broadly syndicated CLOs and about $8 billion of middle-market CLOs have priced so far in 2020, while more than $31 billion of notes have been refinanced this year, according to market sources.
AB Private Credit eyed
AB Private Credit Investors priced $347.65 million of notes due Nov. 18, 2031 in the middle-market CLO offering, a source said.
ABPCI Direct Lending Fund CLO IX Ltd./ABPCI Direct Lending Fund CLO IX LLC priced $196 million of class A-1 floating-rate notes at Libor plus 195 basis points at the top of the capital stack.
Barclays was the placement agent.
The issue is collateralized primarily by middle-market senior secured loans.
AB Private Credit Investors has priced two middle-market CLOs year to date.
The middle-market lender is a subsidiary of New York-based AllianceBernstein LP.
Brigade refinances notes
Brigade Capital Management refinanced $56.4 million of notes due Oct. 25, 2035 from the vintage 2018 broadly syndicated CDO, according to a market source.
Brigade Debt Funding II Ltd. sold $40.44 million of 3.29% class B-R senior secured fixed-rate notes and $15.96 million of 4.04% class C-R mezzanine secured deferrable fixed-rate notes.
The CDO was originally issued on Oct. 4, 2018.
GreensLedge Capital Markets LLC was the refinancing agent.
The CDO is backed primarily by broadly syndicated senior secured corporate bonds and loans.
The firm has refinanced two vintage CDOs year to date.
Brigade Capital is an investment adviser firm based in New York.
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