CLO refinancing supply steady; Napier Park Global, Kramer Van Kirk, JMP refinance CLOs

By Cristal Cody

Tupelo, Miss., March 16 – Details emerged on three more refinanced U.S. transactions as the CLO refinancing pace remained steady year to date.

Napier Park Global Capital LLC refinanced $406.3 million of notes from a vintage 2014 CLO.

Kramer Van Kirk Credit Strategies LP refinanced $334.4 million of notes from a 2013 CLO.

JMP Credit Advisors LLC refinanced $332.1 million of notes in the 2014 JMP Credit Advisors CLO III Ltd./JMP Credit Advisors CLO III LLC transaction.

More than $32 billion of CLOS have been refinanced year to date, while about $14 billion of new CLOs have priced.

Regatta V refinances $406.3 million

Napier Park Global Capital priced $406.3 million of notes due Oct. 26, 2026 at par in a refinancing of a vintage 2014 CLO offering, according to a market source.

Regatta V Funding Ltd./Regatta V Funding LLC sold $227 million of class A-1A-R floating-rate notes at Libor plus 116 basis points at the top of the capital stack.

Citigroup Global Markets Inc. was the refinancing agent.

Proceeds from the offering will be used to redeem the original notes.

Napier Park Global Capital is a New York-based asset management firm.

KVK 2013-2 refinances

Kramer Van Kirk Credit Strategies refinanced $334.4 million of notes due Jan. 15, 2026 at par in the KVK CLO 2013-2 Ltd./KVK CLO 2013-2 LLC transaction, according to a market source and a notice of executed first supplemental indenture on Thursday.

The CLO sold $253.2 million of class A-R senior secured floating-rate notes at Libor plus 115 bps.

Credit Suisse Securities (USA) LLC was the refinancing agent.

Proceeds were used to redeem the original notes on Wednesday.

Kramer Van Kirk credit Strategies has refinanced two vintage CLOs year to date.

The Chicago-based CLO manager priced one new CLO deal in 2016.

JMP CLO III refinances

JMP Credit Advisors refinanced $332.1 million of notes due Oct. 17, 2025 at par in the JMP Credit Advisors CLO III deal, according to a market source.

The CLO sold $228 million of class A-R floating-rate notes at Libor plus 124 bps in the senior tranche.

BNP Paribas Securities Corp. was the refinancing agent.

Proceeds were used to redeem the original notes on Thursday.

JMP Credit Advisors is an asset manager based in Alpharetta, Ga.

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