Halcyon refinances $486 million 2014 CLO in its fourth deal of year; secondary active

By Cristal Cody

Tupelo, Miss., July 26 – Halcyon Loan Management, LLC refinanced $486 million of notes from a 2014 CLO in its fourth refinancing transaction year to date.

The CLO manager refinanced five tranches of notes, including two fixed-rate tranches.

More than $98 billion of CLOs have been refinanced year to date, market sources report.

Trading in investment-grade issues in the securitized secondary market has picked up over the week, according to Trace.

On Tuesday, $110.65 million of investment-grade CBO/CDO/CLO issues and $116 million of non-high-grade securities were traded. During Monday’s session, $93.53 million of investment-grade securities and $116.26 million of non-high-grade issues traded.

Halcyon Loan Management refinanced $486 million of notes due Oct. 22, 2025 in the vintage 2014 offering, according to a notice of executed supplemental indenture on Tuesday.

Halcyon Loan Advisors Funding 2014-3 Ltd./Halcyon Loan Advisors Funding 2014-3 LLC sold $360 million of class A-R senior secured floating-rate notes at Libor plus 110 basis points in the senior tranche.

Morgan Stanley & Co. LLC was the refinancing agent.

Halcyon Loan Advisors 2014-3 LLC is the CLO manager.

The original CLO deal was issued on Sept. 29, 2014.

Halcyon has refinanced four CLOs year to date.

The New York City-based management firm previously was in the U.S. CLO primary market in 2015.

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