Deutsche Investment, Kramer Van Kirk, Prudential refinance CLOs; Ares preps new deal

By Cristal Cody

Tupelo, Miss., March 31 – Three CLO managers refinanced vintage CLO deals, while another is marketing a new CLO transaction.

Deutsche Investment Management Americas Inc. refinanced $350.85 million of notes from a CLO that priced in 2013.

Kramer Van Kirk Credit Strategies LP refinanced $415 million of notes from a 2014 offering.

Prudential Investment Management, Inc. refinanced $525 million of notes in a vintage 2014 CLO.

Looking ahead to new issuance, Ares CLO Management LLC plans to price an $818.25 million offering.

Deutsche Investment Management Americas refinanced $350.85 million of notes due Jan. 18, 2026 in the vintage Flagship CLO VII Ltd. deal, according to a market source.

The CLO priced $241.1 million of class A-1-R floating-rate notes at Libor plus 112 basis points in the senior tranche.

Deutsche Bank Securities Inc. was the refinancing agent.

Deutsche Investment Management is a subsidiary of Deutsche Asset & Wealth Management, part of Deutsche Bank AG.

In its deal, Kramer Van Kirk Credit Strategies refinanced $415 million of notes due Oct. 15, 2026 at par in the KVK CLO 2014-3 Ltd./KVK CLO 2014-3 LLC transaction, according to a market source.

The CLO sold $317.5 million of class A-R floating-rate notes at par to yield Libor plus 120 bps in the AAA-rated tranche.

Goldman Sachs & Co. was the refinancing agent.

© 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.