New deal volume grows; CIFC prices $1.02 billion CLO; Carlyle refinances notes

By Cristal Cody

Tupelo, Miss., Feb. 2 – CLO deal action continues to ramp up in the new issue market, while refinancing action remains steady so far in 2018.

CIFC CLO Management II LLC priced a $1.02 billion CLO offering via Morgan Stanley & Co. LLC. The CLO manager also has refinanced a vintage CLO in 2018.

In new refinancing action, details emerged on a repricing of a 2013 CLO from Carlyle Investment Management LLC subsidiary Carlyle CLO Management LLC.

More than $3 billion of new CLOs and more than $9 billion of refinanced CLOs have priced year to date, according to market sources.

In its deal, CIFC CLO Management II priced $1,019,250,000 of notes due April 18, 2031 in the new CIFC Funding 2018-I, Ltd./CIFC Funding 2018-I, LLC broadly syndicated CLO transaction, according to a market source on Friday.

The CLO sold $650 million of class A floating-rate notes at Libor plus 100 basis points in the senior tranche.

Meanwhile, Carlyle CLO Management refinanced $386 million of notes in a reset of the Carlyle Global Market Strategies CLO 2013-4 Ltd./Carlyle Global Market Strategies CLO 2013-4 LLC transaction, according to a notice of proposed supplemental indenture, amendment to income note paying agency agreement and refinancing redemption on Wednesday.

The CLO sold $234 million of class A-1-RR senior secured floating-rate notes at Libor plus 100 bps in the senior tranche.

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