MidOcean Credit CLO VIII was the first new-issue collateralized loan obligation to price in 2018, closing with a triple-A discount margin of 115 basis points, according to S&P Global Ratings.

The deal was the first in seven months for New York-based MidOcean Credit Fund Management LP, a New York-based alternative credit manager and affiliate of MidOcean Credit Partners.

MidOcean’s deal is the first primary issuance among nine deals (totaling $3.9 billion) that have otherwise involved refinancings and resets on existing deals.

Also pricing on Wednesday was the $354 million Greywolf CLO V deal from Greywolf Loan Management and the $525 million HPS Loan Management 4-2014 (formerly Highbridge Loan Management 2014-4) handled by HPS Investment Partners.

Goldman Sachs arranged all three deals.

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Other deals continued to enter the pipeline this week, according to presale reports, dominated by refi deals that were previously refinanced only last year.

Palmer Square CLO 2014-1, for instance, is resetting the interest rate on its triple-A notes for the second time. Not only has the spread over Libor tightened, however; there have also been a variety of other changes including an extension of the reinvestment period, stated maturity and non-call period; changes to certain collateral quality tests and changes to OC test levels, according to Moody’s Investors Service.

Also undergoing a second refinancing is the former ALM XIV, a $1.6 billion deal from Apollo Global Management that has been rechristened RR 3, under management by Apollo affiliate Redding Ridge Asset Management, according to presale reports from Fitch Ratings and S&P.

CIFC VS Management is pursuing a refinancing of its $629.1 million CIFC Funding 2014 CLO, which was issued in March 2014 and was refinanced previously last March. CIFC is gaining an extension in maturity, the reinvestment and non-call periods and the weighted average life test date.

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