Steele Creek sells new CLO; Voya, Neuberger, MidOcean refinance; CreekSource sets talk

By Cristal Cody

Tupelo, Miss., April 3 – The CLO new issue market remains active, while action is heating up in the refinancing space.

Steele Creek Investment Management LLC tapped the CLO primary market with a new $409.6 million offering in the manager’s first deal since 2016.

Details also emerged on several CLO refinancing and reset transactions, while one CLO manager intends to reprice a 2015 CLO this week.

Voya Alternative Asset Management LLC priced $455.15 million of notes in a refinancing and reset of a 2013 CLO.

Neuberger Berman Loan Advisers LLC sold $370 million of notes in a refinancing of a 2016 transaction.

MidOcean Credit Fund Management LP priced $368.5 million of notes in a refinancing of a 2015 CLO.

More than $27 billion of CLOs have been refinanced year to date, according to market sources.

CreekSource LLC gave guidance on Tuesday on a planned $305.7 million CLO refinancing. The firm expects to reprice notes from a 2015 CLO.

In its deal, Steele Creek Investment Management priced $409.6 million of notes due April 15, 2031 in the CLO, according to a market source.

Steele Creek CLO 2018-1 Ltd./Steele Creek CLO 2018-1, LLC sold $260 million of class A floating-rate notes at Libor plus 101 basis points in the senior slice.

BNP Paribas Securities Corp. was the placement agent.

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