Saranac wraps $347.5 million CLO; GSO/Blackstone, Anchorage Capital, HPS, CVC refinance

By Cristal Cody

Tupelo, Miss., Feb. 27 – Saranac Advisory, Ltd. affiliate Saranac CLO Management, LLC closed Thursday on a new $347.5 million broadly syndicated CLO.

Meanwhile, the refinancing space remains active year to date.

Anchorage Capital Group, LLC priced $552 million of notes in a second refinancing of a vintage 2015 CLO.

CVC Credit Partners, LLC also sold $517.75 million of notes in a refinancing and reset of a vintage 2015 CLO.

GSO/Blackstone Debt Funds Management LLC refinanced $460 million of notes from a 2016 broadly syndicated CLO.

In addition, HPS Investment Partners, LLC priced $438.5 million of notes in a refinancing of a vintage 2017 CLO.

In its deal, Saranac CLO Management closed Thursday on the $347.5 million broadly syndicated CLO, according to market sources.

Saranac CLO VIII Ltd./Saranac CLO VIII LLC sold $39 million of class A-N senior secured floating-rate notes at Libor plus 135 basis points and $160 million of class A loans at Libor plus 135 bps at the top of the capital stack.

Jefferies LLC was the placement agent.

The notes are due in 2033.

The deal is collateralized primarily by broadly syndicated senior secured corporate loans.

Saranac is an affiliate of Canaras Capital Management, LLC, a New York City-based investment management firm.

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