Brightwood prices CLO; FS KKR resets $512.5 million notes; CSAM refinances tranche

By Cristal Cody

Tupelo, Miss., Dec. 18 – Brightwood SPV Advisors, LLC announced on Friday that it priced a $426.5 million CLO, Brightwood Capital MM CLO 2020-1 Ltd., via Barclays in its first deal of the year.

The manager was last in the primary market on Dec. 23, 2019 with the $305 million Brightwood Capital MM CLO 2019-1 Ltd. deal.

Meanwhile, the CLO refinancing space is remaining active in December.

FS KKR Capital Corp. priced $512.5 million of notes in a refinancing and reset of a vintage 2019 middle-market CLO.

Also, Credit Suisse Asset Management, LLC priced $15 million of notes in a refinancing of a fixed-rate tranche from a 2018 broadly syndicated CLO.

Elsewhere on Friday, several managers closed on previously reported new issues, including Trinitas Capital Management, LLC’s $501 million Trinitas CLO XIV Ltd./Trinitas CLO XIV LLC broadly syndicated offering that sold $300 million of class A-1 floating-rate notes at Libor plus 149 basis points in the senior tranche.

NXT Capital Investment Advisers LLC wrapped its $452,775,000 NXT Capital CLO 2020-1 LLC middle-market offering. The CLO priced $241,875,000 of class A floating-rate notes at Libor plus 185 bps.

In addition, Bridgepoint Credit Management Ltd. settled its debut €301.85 million Bridgepoint CLO 1 DAC deal, which sold €180 million of the class A senior secured floating-rate notes at Euribor plus 121 bps.

Bain Capital Credit, Ltd. affiliate Bain Capital Credit U.S. CLO Manager, LLC closed on its €304.4 million Bain Capital Euro CLO 2020-1 DAC deal. The CLO priced €182.4 million of the class A senior secured floating-rate notes at Euribor plus 110 bps.

Primary supply 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 CLO volume, market sources report.

CLO refinancing volume totals more than $32 billion year to date.

Elsewhere, leveraged loan funds saw $313.6 million of inflows for the past week ended Wednesday, up from $117 million of inflows in the previous week, according to Fitch Ratings on Friday.

Year-to-date net outflows total $20.4 billion.

FS KKR reprices CLO

FS KKR Capital priced $512.5 million of notes in a refinancing and reset of the FS KKR MM CLO 1 Ltd./FS KKR MM CLO 1 LLC transaction, according to market sources.

The CLO sold $281.4 million of class A-1R floating-rate notes at Libor plus 185 bps at the top of the capital stack.

GreensLedge Capital Markets LLC and Barclays were the refinancing agents.

The original CLO was issued on June 25, 2019.

The maturity was extended to Jan. 15, 2031 from July 15, 2030.

The offering is collateralized primarily by middle-market senior secured term loans.

FS KKR Capital is a Philadelphia-based business development company that invests mainly in senior secured and subordinated debt of private middle-market U.S. companies.

CSAM refinances notes

Credit Suisse Asset Management priced $15 million of notes due Jan. 23, 2031 in a partial refinancing of the Madison Park Funding XXXI Ltd./Madison Park Funding XXXI LLC CLO transaction, according to a market source.

The CLO sold $10 million of 1.94% class A-2B-R fixed-rate notes (//AAA) and $5 million of class A-2C-R floating-rate notes (//AAA) at Libor plus 145 bps.

In the original deal issued on Dec. 12, 2018, the CLO priced $15 million of 4.55% class A-2B fixed-rate notes.

BofA Securities, Inc. was the refinancing agent.

The notes are collateralized primarily by broadly syndicated senior secured loans.

Credit Suisse Asset Management is a unit of Credit Suisse Group AG.

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