Par-Four, Greywolf, Alcentra NY refinance CLOs; refinancing volume outpaces new CLOs

By Cristal Cody

Tupelo, Miss., Oct. 24 – Details emerged on new refinancing transactions in the U.S. CLO market.

Par-Four Investment Management, LLC refinanced $462.67 million from a previously refinanced CLO.

Greywolf Capital Management LP sold $424.5 million of notes in a refinancing and reset of a vintage 2013 deal.

Alcentra NY, LLC priced $395.6 million of notes in a refinancing of a vintage 2015 CLO.

Year to date, about $140 billion of CLOs have been refinanced, while nearly $90 billion of new CLOs have priced, according to BofA Merrill Lynch.

In its deal, Par-Four Investment Management refinanced $462.67 million of notes due July 20, 2026 from the previously refinanced vintage 2014 Tralee CLO III, Ltd. transaction, according to a market source and a notice of executed second supplemental indenture on Monday.

Tralee CLO III priced $278 million of class A-R senior secured floating-rate notes at Libor plus 103 bps in the AAA-rated tranche.

Jefferies LLC arranged the refinancing.

The maturity on the notes was extended to Oct. 20, 2027.

Meanwhile, Greywolf Capital Management sold $424.5 million of global secured notes in a refinancing and reset of a vintage 2013 CLO, according to a notice of executed second supplemental indenture.

Greywolf CLO II, Ltd./Greywolf CLO II, LLC priced $248 million of class A-1-R senior secured floating-rate notes at Libor plus 123 bps at the top of the capital stack.

J.P. Morgan Securities LLC was the refinancing placement agent.

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