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First Eagle refinances $287 million 2016 CLO notes; Elmwood, Chenavari wrap new issues
By Cristal Cody
Tupelo, Miss., Dec. 17 – CLO refinancing activity is continuing in December as the year nears to a close with more than $32 billion of supply priced.
First Eagle Alternative Credit LLC sold $287 million of notes in a partial refinancing of three tranches from a 2016 CLO deal. Settlement is expected in January.
In other activity, Elmwood Asset Management LLC closed Thursday on its previously reported $501.5 million Elmwood CLO VII Ltd. broadly syndicated offering, which sold $300 million of the class A floating-rate notes at Libor plus 139 basis points.
Also, Chenavari Credit Partners LLP wrapped its €328.7 million Toro European CLO 7 DAC transaction on Thursday with the €192 million of class A secured floating-rate notes priced at Euribor plus 115 bps.
New issue volume year to date includes more than $83 billion of dollar-denominated CLOs, more than €22 billion of euro-denominated CLOs and about $8 billion of middle-market CLOs, market sources report.
KVK refinances
First Eagle Alternative Credit sold $287 million of notes due Jan. 15, 2029 in the CLO refinancing, according to a notice of proposed supplemental indenture on Wednesday.
KVK CLO 2016-1 Ltd./KVK CLO 2016-1 LLC priced $218.75 million of class A-R senior secured floating-rate notes at Libor plus 107 bps in the AAA-rated tranche.
In the original $355.5 million offering issued Dec. 23, 2016, the CLO priced $218.75 million of class A floating-rate notes at Libor plus 154 bps.
Credit Suisse Securities (USA) LLC was the refinancing agent.
Boston-based First Eagle is an alternative credit management firm.
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