October deal pipeline thin; CSAM preps $819.25 million CLO; Ares offering on tap

By Cristal Cody

Tupelo, Miss., Sept. 30 – The October CLO deal calendar is expected to stay light following a quiet September, but a few managers are entering the pipeline, according to market sources on Wednesday.

Credit Suisse Asset Management, LLC plans to price $819.25 million of notes in a CLO deal.

Meanwhile, Ares Management LLC is on the near-term calendar with the $707 million Ares XXXVII CLO, Ltd./Ares XXXVII CLO, LLC transaction. The deal is expected to price via Goldman Sachs & Co. by the end of the week, according to market source.

CSAM on deal calendar

Credit Suisse Asset Management plans to price $819.25 million of notes due Oct. 22, 2026 in the Atrium XII/Atrium XII LLC CLO deal, according to a market source.

The offering includes $496 million of class A floating-rate notes (/AAA); $112 million of class B floating-rate notes (/AA); $48 million of class C floating-rate notes; $40 million of class D floating-rate notes; $40 million of class E floating-rate notes; $16 million of class F floating-rate notes and $67.25 million of subordinated notes.

Credit Suisse Securities (USA) LLC is the placement agent.

Credit Suisse Asset Management will manage the CLO.

The CLO has a non-call period that ends Oct. 22, 2017 and a reinvestment period that ends April 22, 2020.

The deal is backed mainly by broadly syndicated senior secured loans.

Credit Suisse Asset Management has been in the primary market over the year with two new U.S. CLO deals and one refinancing transaction.

The New York-based firm is a unit of Credit Suisse Group AG.

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