AXA prices $306.6 million CLO; Brigade refinances $368.2 million; Carlyle to reset CLO

By Cristal Cody

Tupelo, Miss., May 14 – In the CLO broadly syndicated primary market, AXA Investment Managers, Inc. priced $306.6 million of notes in the manager’s first deal of the year.

The CLO refinancing market also is showing more activity with one deal closing on Tuesday and another in the works.

Brigade Capital Management, LLC priced $368.2 million of notes in a refinancing of a 2016 CLO transaction that closed on Tuesday.

Meanwhile, Carlyle CLO Management LLC plans to refinance notes from a 2015 CLO transaction.

About $40 billion of broadly syndicated CLOs have priced this year, while more than $13 billion of CLOs have been refinanced or reissued year to date, according to a BofA Securities Inc. research note released on Monday.

Allegro CLO X prints

AXA Investment Managers priced $306.6 million of notes due April 20, 2032 in the new CLO offering, according to market sources.

Allegro CLO X, Ltd./Allegro CLO X LLC sold $192 million of the class A floating-rate notes at Libor plus 142 basis points.

BofA Securities Inc. was the placement agent.

The deal is backed primarily by broadly syndicated first-lien senior secured loans.

Greenwich, Conn.-based AXA is an asset management firm and subsidiary of Paris-based AXA Group.

Battalion CLO reprices

Brigade Capital Management priced $368.2 million of notes due Jan. 24, 2029 in a refinancing of a 2016 CLO offering, according to a market source.

At the top of the capital stack, Battalion CLO X Ltd./Battalion CLO X LLC sold $260 million of class A-1R floating-rate notes at Libor plus 125 bps and $38.2 million of class A-2R floating-rate notes at Libor plus 180 bps.

The notes priced at par.

Morgan Stanley & Co. LLC was the refinancing placement agent.

The original $404.3 million Battalion CLO X Ltd./Battalion CLO X LLC deal was issued Dec. 8, 2016.

The CLO is backed primarily by broadly syndicated first-lien senior secured loans.

The investment advisor firm is based in New York.

Carlyle eyes CLO reset

Carlyle CLO Management plans to refinance notes from the Carlyle Global Market Strategies CLO 2015-4, Ltd./Carlyle Global Market Strategies CLO 2015-4 LLC transaction, according to a notice of proposed second supplemental indenture on Monday.

The deal includes class X-R senior secured floating-rate notes (Aaa expected), class A-1-R senior secured floating-rate notes (Aaa expected), class A-2-R senior secured floating-rate notes (Aa2 expected), class B-R senior secured deferrable floating-rate notes (A2 expected), class C-R senior secured deferrable floating-rate notes (Baa3 expected) and class D-R senior secured deferrable floating-rate notes (Ba3 expected).

Citigroup Global Markets Inc. is the refinancing agent.

The original $509.1 million offering of notes due Nov. 30, 2027 was issued Nov. 30, 2015.

Carlyle has priced one new CLO and one refinanced CLO year to date. The CLO manager priced four dollar-denominated broadly syndicated CLOs in 2018.

The asset management firm is an affiliate of Washington, D.C.-based Carlyle Group.

© 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.