U.S. CLO deal pipeline takes shape; 3i Debt Management markets $610 million offering

By Cristal Cody

Tupelo, Miss., Jan. 20 – CLO manager 3i Debt Management U.S. LLC joined the deal pipeline with a $610 million collateralized loan obligation offering, according to a market source on Tuesday.

The U.S. market saw its first new deal of the year on Thursday from CVC Credit Partners, LLC, which priced the $509.25 million Apidos CLO XX/Apidos CLO XX LLC transaction via Credit Suisse Securities (USA) LLC, a source said.

Coming up in the U.S. deal pipeline, PineBridge Investments LLC and Apollo Credit Management (CLO) LLC plan to bring CLO offerings, according to market sources.

PineBridge Investments expects to offer $508.2 million of notes due 2027 in the Galaxy XIX CLO Ltd./Galaxy XIX CLO LLC transaction via Citigroup Global Markets Inc.

Apollo is organizing a U.S. dollar-denominated CLO offering via Morgan Stanley & Co.

The Europe CLO primary market also is expected to resume issuance over the next couple of months, according to market sources.

3i Debt Management U.S. plans to price $610 million of notes in the CLO transaction, according to a source.

Citigroup Global Markets Inc. is the placement agent.

3i Debt Management was in the U.S. primary market with two deals in 2014, including the $411 million Jamestown CLO V Ltd./Jamestown CLO V Corp. offering on Nov. 10.

The New York City-based investment manager, a subsidiary of London-based 3i Group plc, brought one U.S. CLO transaction in 2013.

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