Angelo Gordon, CVC, New York Life refinance CLOs; non-high-grade secondary volume strong

By Cristal Cody

Tupelo, Miss., Feb. 15 – Three more CLO managers have refinanced vintage 2014 CLO deals, according to market sources.

Angelo, Gordon & Co., LP priced $415 million of notes at par.

CVC Credit Partners, LLC refinanced a $385.75 million vintage CLO.

New York Life Investment Management LLC refinanced $322.5 million of notes from its 2014 CLO transaction.

In other activity, secondary market volume was heavy in non-investment-grade CBO/CDO/CLO securities at the start of the week, according to the latest data from Trace. The session saw $409.42 million of issues trade compared to $53.27 million of high-grade CBO/CDO/CLO issues traded on Monday.

Angelo, Gordon refinances

Angelo, Gordon priced $415 million of notes due Nov. 15, 2025 at par in a refinancing of the Northwoods Capital XIV Ltd./Northwoods Capital XIV LLC deal, a market source said.

Northwoods Capital XIV priced $316 million of class A-R senior secured floating-rate notes at Libor plus 130 basis points in the AAA-rated tranche.

Goldman Sachs & Co. arranged the transaction.

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

Proceeds were used to redeem the original notes.

Angelo, Gordon is an alternative investment manager based in New York.

Apidos CLO refinances

CVC Credit Partners refinanced $385.75 million of CLO notes due Oct. 19, 2026 at par in the vintage 2014 transaction, according to a market source.

Apidos CLO XIX/Apidos CLO XIX LLC priced $270 million of class A-1-R senior secured floating-rate notes at Libor plus 120 bps at the top of the capital structure.

BofA Merrill Lynch arranged the transaction.

Proceeds were used to redeem the original notes on Wednesday.

The CLO manager priced two new CLOs and refinanced two vintage CLOs in 2016.

The subsidiary of London-based CVC Capital Partners Ltd. is based in New York.

New York Life refinances deal

New York Life Investment Management refinanced $322.5 million of notes due July 17, 2026 at par in the Flatiron CLO 2014-1 Ltd./Flatiron CLO 2014-1 LLC transaction, according to a market source.

The CLO sold $256 million of class A-1R floating-rate notes at Libor plus 118 bps in the senior slice.

BofA Merrill Lynch was the refinancing agent.

New York Life Investment Management, a subsidiary of mutual life insurance company New York Life Insurance Co., is based in New York.

© 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.