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MidOcean prices $613.5 million in its first CLO deal of year; secondary market volume light
By Cristal Cody
Tupelo, Miss., July 6 – MidOcean Credit Fund Management LP closed on $613.5 million of notes on Thursday in its first CLO deal of the year and its first CLO structured to comply with U.S. risk-retention rules, according to market sources and a company news release.
“The successful closing of CLO VII, MidOcean’s largest CLO to date, demonstrates our ability to structure transactions that meet the demands of our investors in a dynamic regulatory environment,” Jim Wiant, managing director at MidOcean Credit Partners, said in the release.
MidOcean has closed on seven CLOs totaling about $3.1 billion since January 2013.
CLO managers have priced about $44 billion of new CLOs and refinanced nearly $100 billion vintage CLOs year to date, according to market sources and Prospect News data.
In other activity, secondary market volume has been light over the holiday week. On Wednesday, $17.36 million of investment-grade CBO/CDO/CLO issues and $105.02 million of non-high-grade securities were traded, according to Trace. The securitized secondary market did not register enough volume on Monday.
MidOcean prices $613.5 million
MidOcean Credit Fund Management priced and closed on $613.5 million of notes due July 15, 2029 in the new CLO deal via Goldman Sachs & Co. LLC, according to market sources and a news release.
The MidOcean Credit CLO VII/MidOcean Credit CLO VII LLC vehicle sold $378 million of class A-1 floating-rate notes at Libor plus 132 basis points at the top of the capital structure.
Proceeds will be used to purchase a portfolio of about $600 million of mostly first lien senior secured leveraged loans.
The affiliate of New York City-based private equity firm MidOcean Partners was last in the CLO primary market in 2016 with two new CLOs and one refinancing transaction.
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