BlackRock reprices 2015 CLO notes; CVC Credit Partners refinances two vintage CLOs

By Cristal Cody

Tupelo, Miss., Feb. 1 – Details emerged on three more CLO refinancing transactions.

BlackRock Financial Management, Inc. sold $470 million of notes in a refinancing of a 2015 vintage CLO.

CVC Credit Partners, LLC came to the primary market to refinance $485.2 million of notes from a 2013 vintage CLO and $377 million of notes from a 2016 vintage CLO.

In the broadly syndicated space, refinancing volume drove U.S. leveraged loan issuance in 2017, according to a Fitch Ratings release on Wednesday.

In the middle-market CLO space, middle-market issuers “are taking advantage of investor appetite to reset key transaction terms like lower cost of funding and extended reinvestment periods,” Fitch said in a separate release on Wednesday.

BlackRock Financial Management sold $470 million of notes due Jan. 18, 2028 in a refinancing of a vintage 2015 CLO deal, according to a market source and a notice of revised proposed supplemental indenture on Wednesday.

Magnetite XVI, Ltd./Magnetite XVI LLC priced $335 million of class A-R senior secured floating-rate notes at Libor plus 80 basis points in the senior tranche.

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

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