Refinancing action in focus; PineBridge reprices; Ivy Hill, Fortress reset CLOs

By Cristal Cody

Tupelo, Miss., July 17 – Refinancing activity in the CLO market is heating up in July.

PineBridge Investments LLC priced $393.4 million of notes in a refinancing of a vintage 2016 broadly syndicated CLO.

In the middle-market space, Ivy Hill Asset Management, LP priced $392.9 million of notes in a refinancing and reset of a vintage 2015 deal.

Fortress Investment Group LLC also reset $379.3 million of notes from a vintage 2015 middle-market CLO.

U.S. middle-market CLOs are seeing an increase in quarterly distributions, but also year-over-year gains, Wells Fargo Securities LLC analysts said in a note on Tuesday.

“This is likely due to MM CLOs seeing less compression in excess spread over the past few years due to less refi activity in middle-market loans,” the analysts said.

In its deal, PineBridge Investments priced $393.4 million of notes due July 15, 2028 in the refinancing of a vintage 2016 CLO offering, according to a market source and a notice of executed supplement indenture on Tuesday.

Galaxy XXII CLO Ltd./Galaxy XXII CLO LLC sold $240.1 million of the class A-1-R senior floating-rate notes at Libor plus 100 basis points.

Goldman Sachs & Co. LLC was the refinancing placement agent.

PineBridge Investments is an asset management firm based in New York City.

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