JP Morgan prices $419M reset of Anchorage Capital CLO 8

J.P. Morgan has priced a $418.5 million reset of Anchorage Capital CLO 8, managed by Anchorage Capital Group L.L.C..

Deal terms are as follows:

The terms include a spread of 120 basis points over Libor for the Class AR2A notes totaling $240 million.

That compares to the L+100 rate achieved from a prior 2018 refinancing of the deal, but the new transaction adds new two-year non-call and five-year reinvestment periods to a portfolio that had been out of its trading period since July 2020.

The deal's stated maturity is Oct. 27, 2034. The expected settlement date is Nov. 19, 2021.