CSAM prices €458 million CLO; Shenkman refinances $475 million; secondary picks up

By Cristal Cody

Tupelo, Miss., May 31 – New CLO deal action includes a €458 million transaction brought to the primary market from CLO manager Credit Suisse Asset Management Ltd.

Meanwhile, CLO refinancing action remains active.

Shenkman Capital Management, Inc. wrapped a $475 million refinancing of a 2015 CLO, according to new details.

Looking at the securitized secondary market, trading picked up in the previous session with $333 million of investment-grade CDO/CBO/CLO issues and $62.19 million of lower-rated securities traded, according to Trace data.

On Tuesday, $73.46 million of investment-grade bonds and $52.22 million of lower-rated tranches traded.

In its deal, Credit Suisse Asset Management priced €458 million of notes due February 2031 in the CLO offering, according to a market source on Thursday.

Cadogan Square CLO XI DAC sold €265.5 million of class A-1 senior secured floating-rate notes at Euribor plus 78 basis points in the senior tranche.

Credit Suisse Securities (Europe) Ltd. was the placement agent.

In the refinancing space, Shenkman Capital Management repriced $475 million of notes due April 15, 2027 from the Jackson Mill CLO Ltd./Jackson Mill CLO LLC offering, according to a notice of executed supplemental indentures on Thursday.

Jackson Mill CLO sold $352 million of class A-R floating-rate notes at Libor plus 83 bps in the AAA-rated tranche.

Credit Suisse Securities (USA) LLC arranged the offering.

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