© 2024 Arizent. All rights reserved.

Deal Scan: MidCap's 2nd CLO of 2017 Tops $1B

Second Serving: MidCap Financial Services Capital Management is marketing its second mid-market CLO of the year in the $1.05 billion Woodmont 2017-2 Trust. The deal boosts MidCap’s total CLO assets under management to $1.7 billion. MidCap is managed by Apollo Capital Management. S&P Global Ratings has assigned ratings.

Refinancing: S&P also issued a pre-sale report Thursday for refinancing of 3i Debt Management’s Jamestown CLO III, a 2013-vintage CLO. The new terms include a reduction in the AAA coupon to Libor plus 114 basis points, down from the original spread of 145 for the $287.7 million Class A-1A replacement notes. 3i also obtained a lower fixed rate on the AAA-rated $20 million Class A-1B tranche.

Two pricings occurred in the market on Wednesday, according to JPMorgan: KVK Credit Strategies’ $494 million KVK CLO 2015-1 refinancing, and PGIM’s refi of the €443 million Dryden 35, originally issued in 2014. Goldman Sachs arranged both deals.

Student Loans: S&P assigned a preliminary A rating to $42.3 million in 2017-A senior notes and a triple-B for $8.1 million in notes being issued by the Vermont Student Assistant Corp. Both classes are backed by private fixed-rate student loans under the firm’s Student Advantage and Parent Advantage Loan programs through Bank of America Merrill Lynch.

For reprint and licensing requests for this article, click here.
CDOs
MORE FROM ASSET SECURITIZATION REPORT