Kramer Van Kirk refinances fourth CLO; CVC, Allianz refinance; Ares, CSAM refinance euro CLOs

By Cristal Cody

Tupelo, Miss., April 13 – CLO refinancing action remains strong year to date in the U.S. and European primary markets.

In the U.S. market, Kramer Van Kirk Credit Strategies LP returned to refinance its fourth vintage CLO in 2017.

Also, CLO managers including CVC Credit Partners, LLC, Western Asset Management Co. Ltd. and Allianz Global Investors, LLC refinanced notes from vintage 2014 CLO deals.

In the European market, Ares European Loan Management LLP and Credit Suisse Asset Management Ltd. refinanced vintage 2013 CLO notes.

In its deal, Kramer Van Kirk Credit Strategies refinanced $495.5 million of notes due July 15, 2026 in three tranches from the KVK CLO 2014-2 Ltd./KVK CLO 2014-2 LLC transaction, according to a market source.

The CLO sold $378 million of class A-R floating-rate notes at par to yield Libor plus 118 basis points in the senior tranche.

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

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

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

Meanwhile, CVC Credit Partners refinanced $618.15 million of notes due July 22, 2026 at par in a vintage 2014 CLO transaction, according to a market source.

Apidos CLO XVIII/Apidos CLO XVIII LLC priced $449.8 million of class A-1-R floating-rate notes at Libor plus 112 bps at the top of the capital structure.

Morgan Stanley & Co. LLC arranged the transaction.

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