PGIM prices $740.2 million CLO reset; Octagon closes deal; CIFC offers $714 million new CLO

By Cristal Cody

Tupelo, Miss., Oct. 13 – Prudential Investment Management, Inc.’s asset management business, PGIM, Inc., priced $740.2 million of notes in a refinancing and reset of a vintage 2012 CLO that was partially refinanced in 2016.

In other reported market activity, Octagon Credit Investors, LLC closed on Tuesday on its previously announced $568 million refinancing of the vintage 2015 Octagon Investment Partners 24, Ltd./Octagon Investment Partners 24, LLC transaction.

Coming up, CIFC Asset Management LLC plans to price $714 million of notes in the firm’s fifth new CLO offering of the year.

CIFC was last in the primary market in August with the $814.41 million CIFC Funding 2017-IV Ltd./CIFC Funding 2017-IV LLC deal.

CLO managers have refinanced more than $120 billion of vintage CLOs and priced more than $70 billion of new CLOs year to date, according to market sources.

In its deal, PGIM priced $740.2 million of notes in a refinancing and reset of the vintage 2012 Dryden XXV Senior Loan Fund/Dryden XXV Senior Loan Fund LLC CLO deal, according to a market source and a notice of revised proposed supplemental indenture on Thursday.

The deal is a refinancing of notes that were refinanced in 2016.

The CLO sold $451 million of class A-RR floating-rate notes at Libor plus 90 basis points in the senior tranche.

Nomura Securities International, Inc. was the refinancing placement agent.

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