Carlyle, GSO/Blackstone, Monroe Capital price new CLOs; CSAM reprices 2018 notes

By Cristal Cody

Tupelo, Miss., Aug. 27 – New CLO supply includes broadly syndicated, static and middle-market transactions in August.

Carlyle CLO Management LLC priced $499.4 million of notes in a broadly syndicated CLO offering that closed on Thursday.

Meanwhile, GSO/Blackstone Debt Funds Management LLC priced $299.15 million of notes in the manager’s second static CLO transaction brought to the market this year.

Looking at the middle-market space, Monroe Capital LLC priced $406.3 million of notes in a new offering.

Monroe and its affiliates retained a majority of the equity tranche, according to a news release on Thursday.

“This was a nice execution in a difficult market, and we welcomed several new domestic and international investors into our middle market CLO platform,” Jeremy VanDerMeid, portfolio manager of Monroe Capital, said in the release.

Elsewhere, Credit Suisse Asset Management, LLC refinanced $20 million of fixed-rate notes from a vintage 2018 broadly syndicated CLO.

About $45 billion of dollar-denominated broadly syndicated CLOs have priced year to date, according to market sources.

New issue middle-market volume totals about $5 billion this year.

CLO managers have refinanced about $26 billion of vintage CLOs year to date.

Carlyle prices CLO

Carlyle CLO Management priced $499.4 million of notes due July 2031 in the broadly syndicated CLO deal, according to market sources.

Carlyle US CLO 2020-1, Ltd./Carlyle US CLO 2020-1 LLC sold $300 million of the class A-1 senior secured floating-rate notes at Libor plus 164 basis points.

Citigroup Global Markets Inc. was the placement agent.

The CLO is backed primarily by first-lien senior secured corporate loans.

The asset management firm is an affiliate of the Washington, D.C.-based Carlyle Group.

GSO/Blackstone’s static CLO

GSO/Blackstone Debt Funds Management priced $299.15 million of notes due Oct. 15, 2028 in the Stratus 2020-2, Ltd./Stratus 2020-2, LLC static CLO transaction, according to market sources.

The CLO sold $193.5 million of the class A floating-rate notes at Libor plus 130 bps.

Barclays was the placement agent.

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

GSO/Blackstone has priced two static CLOs year to date.

The New York City-based firm is a subsidiary of alternative asset manager GSO Capital Partners LP.

Monroe taps middle market

Monroe Capital priced $406.3 million of notes due Aug. 20, 2031 in its middle-market CLO transaction, according to a market source and a news release on Thursday.

Monroe Capital MML CLO X, Ltd./Monroe Capital MML CLO X, LLC sold $212 million of class A senior floating-rate notes at Libor plus 250 bps.

Deutsche Bank Securities Inc. was the placement agent.

Monroe Capital CLO Manager LLC will manage the CLO.

The CLO is secured primarily by small and medium enterprise first-lien senior secured loans.

The middle-market lender and private credit asset management firm is based in Chicago.

CSAM refinances

In other action, Credit Suisse Asset Management refinanced $20 million of fixed-rate notes due Aug. 23, 2030 from a vintage 2018 broadly syndicated CLO offering, according to market sources.

Madison Park Funding XLIII Ltd./Madison Park Funding XLIII LLC priced $20 million of class A-2b-R fixed-rate notes with a 2.304% coupon.

The CLO, formerly known as Atrium XIV/Atrium XIV LLC, originally issued $20 million of class A-2b fixed-rate notes at a 4.324% coupon on Aug. 23, 2018.

The CLO is backed primarily by first-lien senior secured loans.

Credit Suisse Asset Management is a unit of Credit Suisse Group AG.

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