Carlyle prices $275 million notes in CLO refinancing; reissue volume light year to date

By Cristal Cody

Tupelo, Miss., Feb. 19 – Carlyle Investment Management LLC priced $275 million of notes due Jan. 20, 2028 in a refinancing and reset of the Carlyle Global Market Strategies CLO 2015-5, Ltd./Carlyle Global Market Strategies CLO 2015-5 LLC transaction, according to a market source.

Refinancing volume has remained light with just a handful of CLOs repriced year to date.

Meanwhile, new CLO issuance is picking up in the U.S. primary market with more than $11 billion of deals priced year to date.

Carlyle Investment Management priced $275 million of notes due Jan. 20, 2032 in a refinancing and reset of the Carlyle Global Market Strategies CLO 2015-5 transaction, according to a market source.

Citigroup Global Markets Inc. was the arranger.

The maturity on the notes was extended to Jan. 20, 2032 from the original Jan. 20, 2028 maturity.

The original $406.85 million CLO was sold on Dec. 11, 2015. In that offering, the CLO had priced senior tranches that included $209.5 million of class A-1a senior secured floating-rate notes at Libor plus 155 basis points, $47.8 million of 3.34% class A-1b senior secured fixed-rate notes, $37 million of class A-2a senior secured floating-rate notes at Libor plus 225 bps and $7 million of 4.21% class A-2b senior secured fixed-rate notes.

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