Redding Ridge, Apex price; Anchorage brings CDO; CELF refinances; loan outflows drop

By Cristal Cody

Tupelo, Miss., June 14 – Redding Ridge Asset Management, LLC priced $597.2 million of notes in the manager’s first dollar-denominated CLO deal of the year.

Redding Ridge also priced €402.3 million of notes in the manager’s second euro CLO offering of 2019, a source said. The RRE 2 Loan Management DAC transaction priced via Citigroup Global Markets Ltd. Final pricing details were not immediately available.

In other dollar-denominated supply, Apex Credit Partners LLC priced a $399 million broadly syndicated CLO.

Meanwhile, Anchorage Capital Group, LLC closed on a new $362 million CDO transaction.

In other deal activity, CELF Advisors LLP repriced €300 million of notes from a vintage 2016 euro-denominated CLO offering, shaving off more than 10 basis points in the AAA-rated tranche.

For the week ended Wednesday, “flows improved for riskier fixed asset classes,” Yuri Seliger, a credit strategist with BofA Securities, said in a research note released on Friday.

Outflows from leveraged loans declined to $620 million from $1.24 billion of outflows in the previous week.

Redding Ridge prices

Redding Ridge Asset Management priced $597.2 million of notes due April 15, 2030 in the broadly syndicated CLO transaction, according to a market source.

At the top of the capital structure, RR 6 Ltd./RR 6 LLC sold the $384 million of class A-1a floating-rate notes at 99.875 and a coupon of Libor plus 125 bps.

Deutsche Bank Securities Inc. was the placement agent.

The notes are collateralized primarily by broadly syndicated first-lien senior secured loans.

Redding Ridge Asset Management has priced one new dollar-denominated CLO year to date.

The CLO manager priced two new CLOs in 2018.

The New York City-based asset management company was established in 2016 by Apollo Global Management, LLC.

Apex raises $399 million

Apex Credit Partners sold $399 million of notes due April 19, 2032 in the Apex Credit CLO 2019 Ltd. transaction, according to a market source.

Apex Credit CLO priced $285.95 million of class A-L loans at Libor plus 157 bps and $15.05 million of class A-N senior secured floating-rate notes at Libor plus 157 bps in the senior tranches.

Jefferies LLC was the placement agent.

The deal is backed primarily by broadly syndicated senior secured corporate loans.

Apex is a New York City-based commercial finance firm co-owned by Jefferies Group LLC and Massachusetts Mutual Life Insurance Co.

Anchorage taps market

Anchorage Capital Group closed on a new $362 million CDO offering of notes due July 27, 2037, according to a market source.

In the senior secured tranches, Anchorage Credit Funding 8, Ltd./Anchorage Credit Funding 8, LLC priced $167 million of 4.43% class A fixed-rate notes and $52 million of 5.08% class B fixed-rate notes.

GreensLedge Capital Markets LLC arranged the offering.

The CDO is collateralized primarily by corporate bonds and loans.

Anchorage Capital Group is a New York City-based global asset manager.

CELF reprices 2016-2 CLO

CELF Advisors sold €300 million of notes due Jan. 18, 2030 in a CLO refinancing, according to a market source.

Carlyle Global Market Strategies Euro CLO 2016-2 DAC priced €232 million of the class A-1-R senior secured floating-rate notes at Euribor plus 87 bps.

The notes priced at par.

BofA Securities was the refinancing placement agent.

The original €415 million CLO transaction was issued Dec. 15, 2016. In that offering, the CLO priced €232 million of the class A-1 senior secured floating-rate notes at Euribor plus 100 bps.

The deal is collateralized primarily by senior secured loans and senior secured bonds.

London-based CELF is part of the Washington, D.C.-based Carlyle Group LP.

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