GoldenTree, Neuberger reprice CLOs; CVC plans second refinancing; reprint supply active

By Cristal Cody

Tupelo, Miss., Feb. 10 – CLO refinancing activity is picking up and expected to remain active over February.

GoldenTree Loan Management LP sold $616 million of notes in a refinancing of a 2017 CLO deal.

Neuberger Berman Investment Advisers LLC priced $368 million of notes in a second refinancing of a vintage 2013 CLO.

Coming up, CVC Credit Partners, LLC plans to refinance notes from a 2016 CLO.

Last week saw at least six new refinancing transactions, bringing year-to-date volume to $8.5 billion, according to a BofA Securities, Inc. global research note released on Monday.

Refinancing volume got a boost from a $2.15 billion refinancing transaction from Apollo Credit Management (CLO) LLC called ALM 2020 Ltd. that is a combination of four vintage CLOs, sources report. Final pricing details were not immediately available.

“Looking ahead, we continue to see a heavy refi pipeline of $5 [billion] over 10 deals,” the BofA Securities report said.

In its deal, GoldenTree Loan Management sold $616 million of notes due April 20, 2029 in a partial refinancing of a 2017 CLO deal, according to a market source.

GoldenTree Loan Management US CLO 1 Ltd./GoldenTree Loan Management US CLO 1 Inc. priced $428.75 million of class A-R senior secured floating-rate notes at Libor plus 95 basis points in the AAA-rated tranche.

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