CLO refinancing action busy; Invesco refinances $483.25 million; Trimaran refinances CLO

By Cristal Cody

Eureka Springs, Ark., Nov. 23 – Two more CLO managers have refinanced vintage deals, and refinancing activity is expected to remain elevated before the Dec. 24 effective date for risk retention regulations, according to market sources.

Invesco Senior Secured Management, Inc. refinanced $483.25 million of notes from a 2015 CLO.

Trimaran Advisors, LLC refinanced $372.75 million of notes from a 2014 deal.

Over $22 billion of CLOs have been refinanced year to date, more than double the $10.46 billion of CLOs refinanced in all of 2015, according to a BofA Merrill Lynch report.

Invesco Senior Secured Management refinanced $483.25 million of notes due April 15, 2027 at par in the Betony CLO Ltd. deal, according to a market source.

Betony CLO sold $134 million of class A-R floating-rate notes at Libor plus 135 basis points in the AAA-rated tranche.

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

The original $618 million eight-tranche CLO priced in 2015.

Meanwhile, Trimaran Advisors sold $372.75 million of notes due Oct. 18, 2026 at par in a refinancing of the broadly syndicated Catamaran CLO 2014-2 Ltd./Catamaran CLO 2014-2 LLC transaction, according to a market source.

The CLO sold $283.5 million of class A-1-R floating-rate notes at Libor plus 140 bps in the senior tranche.

BofA Merrill Lynch was the refinancing agent.

The $464.75 million CLO was priced on Aug. 18, 2014 in seven tranches.

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