Partners Group has priced the reset of its collateralised loan obligation (CLO) at €406.25m (£341.4m), extending the reinvestment period to 2030.
The Penta CLO 2021-2 is being reset – a form of refinancing for CLOs – on 31 March, according to data from Deutsche Bank, who acted as sole arranger and lead manager on the transaction.
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The reinvestment period now ends on 15 April 2030, ahead of the maturity of the debt on 15 April 2038.
The vehicle is a securitisation of mainly senior secured obligations, as well as corporate rescue loans, senior unsecured, mezzanine, second-lien loans and high-yield bonds.
CLO resets have increased in recent times, with the trend predicted to continue. It benefits managers as it generates fees over a longer period of time and increase the period that they can easily trade in the underlying portfolio.
Partners Group is a Switzerland-based private investment firm with $152bn of assets under management across private equity, private credit, infrastructure, real estate and royalties.
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