Zais places firm’s second CLO of year, prices $564 million notes; Palmer closes deal

By Cristal Cody

Tupelo, Miss., Sept. 19 – Zais Group, LLC priced $564 million of notes in a new CLO offering.

The deal is the CLO manager’s second new CLO offering year to date.

In other new issuance, Palmer Square Capital Management LLC closed on a new CLO transaction. The firm priced a $302,905,000 deal.

In addition to the broadly syndicated CLOs, Palmer Square has priced static CLOs and created its Palmer Square CLO indices.

The firm said in a news release on Tuesday that it has now closed four static CLO transactions totaling nearly $1 billion in issuance and five managed CLOs amounting to about $2.5 billion in issuance.

“Palmer Square’s goal is to continue to seek relative value opportunities across both corporate credit and structured credit,” Angie K. Long, chief investment officer of Palmer Square Capital Management, said in the release. “We feel investing in and managing CLOs such as our recent static CLO transactions continues to be a strong risk-adjusted opportunity for investors.”

Zais prices $564 million

Zais Group priced $564 million of notes due April 15, 2030 in the new CLO offering, according to market sources.

Zais CLO 7 Ltd./Zais CLO 7 LLC sold $352 million of class A floating-rate notes at Libor plus 129 basis points in the senior tranche.

Goldman Sachs & Co. LLC was the placement agent.

Zais Leveraged Loan Master Manager, LLC will manage the CLO.

Proceeds will be used to purchase a portfolio of about $550 million of primarily senior secured leveraged loans.

Zais Group has priced two CLOs year to date.

The Red Bank, N.J.-based structured credit asset management firm placed two CLO deals in 2016.

Palmer Square brings CLO

Palmer Square Capital Management priced and closed on the $302,905,000 Palmer Square Loan Funding 2017-1 Ltd. CLO, according to a market source and a company news release on Tuesday.

J.P. Morgan Securities LLC was the placement agent.

The notes are due Oct. 15, 2025.

Palmer Square Capital said in the release that it has closed six CLO transactions in 2017.

The Leawood, Kan.-based investment management firm priced two new CLOs in 2016.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.