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Carlyle refinances $380 million CLO; refinancing supply nearly $40 billion year to date
By Cristal Cody
Tupelo, Miss., May 15 – Carlyle Investment Management LLC affiliate Carlyle CLO Management LLC sold $380 million of notes in a refinancing of a 2013 CLO transaction.
Nearly $40 billion of U.S. CLOs have been refinanced year to date, compared to $162.7 billion in all of 2017, according to BofA Merrill Lynch data.
In other activity, Wells Fargo Securities LLC analysts said in a note released on Tuesday that since October 2017, the gap between three-month Libor and one-month Libor has widened to about 45 basis points currently from 10 bps.
“As the gap has continued to widen, loan issuers have continued to switch from using 3m Libor to 1m Libor,” the Wells Fargo analysts said. “With 58% of loans in U.S. BSL CLOs paying using 1m Libor, the net interest margin for CLOs has decreased, due to the rate mismatch.”
Carlyle resets Cent CLO 17
Carlyle CLO Management sold $380 million of notes in the Carlyle C17 CLO Ltd./Carlyle C17 CLO Corp. transaction, according to a market source and a notice of executed first supplemental indenture on Monday.
The offering is a refinancing and reset of Cent CLO 17 Ltd., a 2013 issue from manager Columbia Management Investment Advisers LLC.
The CLO sold $224 million of class A-1A-R floating-rate notes at Libor plus 103 bps at the top of the capital stack.
Goldman Sachs & Co. LLC was the refinancing agent.
The maturity on the refinanced notes was extended to April 30, 2031 from the original Jan. 30, 2025 maturity.
The original transaction was issued Feb. 21, 2013.
In 2017, Carlyle priced two new U.S. CLOs and refinanced five vintage U.S. CLOs.
The asset management firm is an affiliate of Washington, D.C.-based Carlyle Group.
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