PGIM, Carlyle, American Money price managers’ first CLOs of year; secondary market active

By Cristal Cody

Tupelo, Miss., March 14 – Three CLO managers priced their first new CLO deals of the year in March.

Prudential Investment Management, Inc. affiliate PGIM, Inc. placed a $714.5 million CLO.

Carlyle Investment Management LLC subsidiary Carlyle CLO Management LLC brought a $611.71 million CLO to the primary market.

American Money Management Corp. priced $407.9 million of notes in its new offering.

About $14 billion of new CLOs have priced year to date, according to market sources.

In other activity, $60.5 million of high-grade CBO/CDO/CLO issues and $294.33 million of non-investment-grade securities were traded in the secondary market on Monday, according to Trace.

PGIM brings CLO

PGIM priced $714.5 million of notes due April 15, 2028 in the Dryden 47 Senior Loan Fund deal, according to a market source.

The CLO priced $434 million of class A-1 senior secured floating-rate notes at Libor plus 124 basis points and $35 million of class A-2 senior secured floating-rate notes at Libor plus 135 bps in the senior tranches.

Goldman Sachs & Co. was the placement agent.

The deal is secured primarily by broadly syndicated first-lien senior secured loans.

Prudential Investment Management priced three U.S. CLOs and refinanced two vintage U.S. CLOs in 2016.

PGIM is the primary investment management business of Newark, N.J.-based Prudential Financial Inc.

Carlyle sells $611.71 million

Carlyle CLO Management priced $611.71 million of notes due April 20, 2031 in the broadly syndicated CLO transaction, according to a market source.

Carlyle US CLO 2017-1 Ltd. sold $302.23 million of class A-1A floating-rate notes at Libor plus 130 bps at the top of the capital stack.

Citigroup Global Markets Inc. was the placement agent.

The CLO is collateralized entirely by first-lien senior secured loans.

Carlyle has priced one new CLO and refinanced three vintage CLOs year to date.

The asset management firm and affiliate of Washington, D.C.-based Carlyle Group priced four new U.S. CLOs and refinanced five vintage CLOs in 2016.

American Money prices

American Money Management priced $407.9 million of notes due April 17, 2029 in a CLO offering, according to a market source.

AMMC CLO 20, Ltd./AMMC CLO 20 Corp. sold $260 million of class A senior secured floating-rate notes at par to yield Libor plus 133 bps in the AAA-rated tranche.

SG Americas Securities LLC was the placement agent.

The offering is backed primarily by broadly syndicated first-lien senior secured corporate loans.

American Money Management was last in the primary market in 2016 with two new CLOs and two refinanced transactions.

The Cincinnati-based firm is a subsidiary of insurance holding company American Financial Group, Inc.

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