Anchorage Capital sells $560.69 million CLO; Neuberger Berman refinances; secondary volume up

By Cristal Cody

Eureka Springs, Ark., Nov. 16 – Details emerged on new and refinanced CLO issuance in the U.S. markets on Wednesday.

Anchorage Capital Group, LLC priced $560.69 million of notes in the CLO manager’s second new deal of the year.

In refinancing activity, Neuberger Berman Investment Advisers LLC refinanced $459.5 million of notes in a vintage 2014 CLO.

Securitized secondary market activity picked up over Tuesday’s session with $167.13 million of high-grade securities and $120.97 million of non-investment-grade issues traded, according to Trace.

On Monday, $80.25 million of high-grade CBO/CDO/CLO issues and $103.45 million of non-investment-grade securities were traded.

Anchorage Capital Group priced $560.69 million of notes due Jan. 15, 2029 in the Anchorage Capital CLO 9 Ltd./Anchorage Capital CLO 9 LLC transaction, according to a market source.

The CLO sold $343.75 million of class A senior secured floating-rate notes (Aaa//AAA) at Libor plus 151 basis points at the top of the capital structure.

J.P. Morgan Securities LLC arranged the offering.

Proceeds will be used to purchase a portfolio of about $500 million of mostly senior secured leveraged loans.

The transaction is backed primarily by first-lien senior secured loans.

Anchorage Capital Group has priced two CLOs and one CDO and refinanced one vintage CLO year to date.

The New York City-based asset manager brought two CLOs and two CDOs to market in 2015.

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