CIFC prices $513.4 million; GSO/Blackstone brings a third CLO; spreads firm on thin supply

By Cristal Cody

Tupelo, Miss., May 5 – Details emerged on new CLO deals from CIFC Asset Management LLC and GSO/Blackstone Debt Funds Management LLC, while light supply in late April and early May has helped secondary spreads, sources said.

CIFC Asset Management tapped the market with a $513.4 million transaction.

GSO/Blackstone Debt Funds Management priced $660.84 million of notes in a CLO deal.

“Amid relatively light supply and healthy demand, spread levels tightened across the capital stack by up to 10 bps to 150, 210, 310, 410 and 650,” BofA Merrill Lynch analysts said in a note of the previous week’s secondary market.

In the primary market, CIFC Asset Management priced $513.4 million of notes due April 15, 2027 in the CIFC Funding 2015-II, Ltd./CIFC Funding 2015-II, LLC deal, a source said.

The CLO sold $325 million of class A senior secured floating-rate notes at Libor plus 145 basis points at the top of the capital structure.

Barclays was the placement agent.

CIFC Asset Management will manage the CLO.

GSO/Blackstone Debt Funds Management brought $660.84 million of notes due April 15, 2026, according to a market source.

The Stewart Park CLO Ltd./Stewart Park CLO LLC vehicle sold $393.25 million of class A senior secured floating-rate notes (Aaa/AAA/) at Libor plus 143 bps in the senior tranche.

Wells Fargo Securities LLC was the placement agent.

GSO/Blackstone is the CLO manager.

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