Borrowers typically refinance in order to lower their debt servicing costs by taking advantage of an improvement in either market conditions or their own creditworthiness.

But both Carlyle Investment Management and Voya Investment Management recently worked out arrangements to pay higher interest to investors in the senior notes of a pair of collateralized loan obligations. The CLO managers issued replacement notes for existing tranches, in the process obtaining consent to extend the maturities of the two deals as both approached the end of their reinvestment periods.

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