BMO Asset Management resets 2015 middle-market CLO; Highland to reprice ACIS CLO 2014-3

By Cristal Cody

Tupelo, Miss., Jan. 12 – BMO Asset Management Corp. priced $362,562,470 of notes in the year’s first refinancing and reset deal, a vintage 2015 middle-market CLO.

In the broadly syndicated refinancing space, Highland CLO Management, LLC is marketing a $375 million refinancing of a CLO that was originally brought to market in 2014 by Acis Capital Management, LP.

In 2017, a record $164 billion of vintage CLOs were refinanced, according to market sources and Prospect News data.

In its deal, BMO Asset Management priced $362,562,470 of notes in the refinancing, according to a market source and a notice of revised first supplemental indenture on Thursday.

Great Lakes CLO 2015-1 Ltd. priced $193.3 million of class A-R senior floating-rate notes at Libor plus 153 basis points in the senior tranche.

Citigroup Global Markets Inc. was the refinancing placement agent.

The maturity on the notes was extended to Jan. 16, 2030 from the original July 15, 2026 maturity.

Coming up, Highland CLO Management plans to refinance $375 million of notes from the vintage ACIS CLO 2014-3 Ltd. transaction, according to a notice of proposed first supplemental indenture on Wednesday.

The issuer will be renamed Highland CLO 2014-3R Ltd./Highland CLO 2014-3R LLC.

Mizuho Securities USA LLC is the refinancing placement agent for the Rule 144A and Regulation S deal.

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