Columbia Management preps $513.5 million CLO; Mariner plans second deal; BWIC volume up

By Cristal Cody

Tupelo, Miss., March 13 – CLO managers Columbia Management Investment Advisors LLC and Mariner Investment Group, LLC are in the pipeline with transactions, according to market sources.

Columbia Management Investment Advisors plans to price a $513.5 million CLO deal.

Mariner Investment Group is offering $502 million of notes in the firm’s second collateralized loan obligation offering.

In November, Mariner launched its CLO business and hired a 13-person corporate credit team from majority interest partner ORIX USA Corp.

Mariner Investment Group priced its first CLO deal, the $502 million Elm CLO 2014-1 Ltd./Elm CLO 2014-1 LLC transaction, in December.

CLO issuance remains strong with more than $15 billion priced year to date, according to data compiled by Prospect News.

“CLO spreads have held firm despite a large amount of supply in March,” according to a Wells Fargo Securities, LLC report on Friday from senior analyst Dave Preston and associate analyst Jason McNeilis.

“BWIC volume for the week was more than a billion dollars (almost double the usual weekly average), and primary issuance for March is $4.9 billion,” the analysts said. “Despite the increase in selling, spreads showed a bias toward tightening across the capital stack.”

Columbia Management Investment Advisors plans to price $513.5 million of notes due April 17, 2026 in a CLO deal, according to a market source.

BofA Merrill Lynch is the placement agent.

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