CVC, CIFC price new CLOs; Resource Capital gets tight print; pricing action on upswing

By Cristal Cody

Tupelo, Miss., June 26 – CVC Credit Partners, LLC sold $513.5 million of notes in the CLO manager’s first new CLO transaction of the year.

CVC Credit Partners also has refinanced four vintage CLOs year to date.

CIFC Asset Management LLC tapped the primary market with $713.25 million of notes in its third new CLO offering year to date.

In other issuance, Resource Capital Corp. announced on Monday that Resource Capital Corp. 2017-CRE5, Ltd. sold $376.5 million of notes due July 17, 2034 in a new commercial real estate CLO transaction.

The CLO priced $203.42 million of class A floating-rate notes at Libor plus 80 basis points and $48.03 million of class B floating-rate notes at Libor plus 200 bps.

“We are very pleased to have executed this transaction at the tightest level of any post-crisis CRE CLO,” Robert C. Lieber, chief executive officer of Resource Capital, said in a news release. “When this CLO closes, RSO will have term financed $1.7 billion of our self-originated whole loans through the capital markets.”

CLO primary action is picking up, according to a BofA Merrill Lynch analysts’ note released on Monday.

“New-issue deals from newer managers continue to roll out of the U.S. primary market,” the analysts said. “Three new deals priced since last Friday.”

New issue AAAs remain in the Libor plus 125 bps to 130 bps range, according to the note.

CVC brings CLO

CVC Credit Partners sold $513.5 million of notes due July 17, 2030 in the new Apidos CLO XXVII/Apidos CLO XXVII LLC transaction, according to a market source on Monday.

The CLO priced $320 million of class A-1 senior secured floating-rate notes at Libor plus 121 bps at the top of the capital stack.

BofA Merrill Lynch was the placement agent.

CVC Credit Partners has priced one new CLO and refinanced four vintage CLOs year to date.

The New York-based subsidiary of London-based CVC Capital Partners Ltd. priced two new CLOs and refinanced two CLOs in 2016.

CIFC prices $713.25 million

CIFC Asset Management sold $713.25 million of notes due July 20, 2030 in the CIFC Funding 2017-III Ltd./CIFC Funding 2017-III LLC transaction, according to a market source.

The CLO priced $455 million of class A-1 floating-rate notes at Libor plus 122 bps in the senior tranche.

Citigroup Global Markets Inc. arranged the offering.

CIFC CLO Management LLC, an affiliate of CIFC Asset Management, is the CLO manager.

CIFC Asset Management has priced three new CLOs and refinanced two vintage CLOs year to date.

The credit manager is based in New York.

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