GSO/Blackstone, Apollo, PineBridge and Guggenheim tap CLO primary market; June volume up

By Cristal Cody

Eureka Springs, Ark., June 20 – CLO primary action is picking up in June with new offerings priced by GSO/Blackstone Debt Funds Management LLC, Apollo Credit Management (CLO) LLC, PineBridge Investments LLC and Guggenheim Partners Investment Management LLC.

GSO/Blackstone Debt Funds Management brought a $650.13 million CLO transaction.

Apollo Credit Management (CLO) sold $450.05 million of notes in its offering.

PineBridge Investments tapped the primary market with a $400 million deal.

Guggenheim Partners Investment Management raised $401.45 million in its new CLO.

“Monthly issuance is trending higher as June has already seen 11 U.S. CLOs [totaling $4.8 billion] and four European CLOs [totaling €1.6 billion],” J.P. Morgan Securities, LLC analysts said in a note released on Monday.

GSO/Blackstone Debt Funds Management priced $650.13 million of notes due July 20, 2028 in the Westcott Park CLO, Ltd./Westcott Park CLO LLC transaction, according to a market source.

The CLO sold $413.44 million of class A senior secured floating-rate notes (Aaa//AAA) at par to yield Libor plus 153 basis points in the senior tranche.

Wells Fargo Securities, LLC was the placement agent.

Proceeds will be used to purchase a $640 million portfolio of mostly senior secured leveraged loans.

GSO/Blackstone priced six U.S. CLOs and refinanced one vintage CLO in 2015.

The subsidiary of alternative asset manager GSO Capital Partners LP is based in New York.

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