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Greywolf Capital prices $474.45 million reissue; Accunia wraps €407.05 million CLO
By Cristal Cody
Tupelo, Miss., March 10 – In the CLO market on Tuesday, Greywolf Capital Management LP closed on a $474.45 million second refinancing of a vintage 2014 CLO.
Also during the session, Accunia Fondsmaeglerselskab A/S closed on its previously reported €407.05 million Accunia European CLO IV DAC offering, the manager’s first new issue since 2018. The CLO priced €248 million of class A senior secured floating-rate notes at Euribor plus 98 basis points at the top of the stack.
In other activity, the securitized secondary market was active on Monday despite turmoil in the financial markets due to the coronavirus and oil price wars.
During the session, $440.28 million of investment-grade CBO/CDO/CLO paper and $100.99 million of lower-rated issues traded, according to Trace data.
The high-grade paper traded at an average price of 99.70 and a 96.90 weighted average price, according to Trace data.
The lower-rated CBO/CDO/CLO issues traded at an 82.10 average price and an 83.10 weighted average price.
Greywolf refinances
Greywolf Capital Management sold $474.45 million of notes in the refinancing deal, according to a market source.
Greywolf CLO III, Ltd./Greywolf CLO III, LLC sold $320 million of class A-1-R senior secured floating-rate notes at Libor plus 129 bps at the top of the capital structure.
J.P. Morgan Securities LLC was the refinancing placement agent.
The maturity on the refinanced notes was extended to April 22, 2033 from Oct. 22, 2028.
The original $640.99 million deal was issued on April 15, 2014 and was first refinanced on Oct. 22, 2018.
The investment management firm is based in Purchase, N.Y.
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