Brightwood Capital prices $652.8 million non-rated CLO; mezzanine notes soften

By Cristal Cody

Eureka Springs, Ark., May 10 – Brightwood Capital Advisors, LLC tapped the CLO market with a new deal, while spreads in the upper stack remain mostly unchanged in secondary trading, according to sources.

Brightwood Capital Advisors was in the primary market with a $652.8 million non-rated CLO deal.

Secondary AAAs have been mostly unchanged at Libor plus 155 basis points in secondary trading, a source said.

Mezzanine tranches have softened 5 bps to 10 bps since the end of April.

Brightwood brings deal

Brightwood Capital Advisors priced $652.8 million of notes in the CLO transaction, according to a market source.

Brightwood Capital Fund 2016-3 sold $335 million of class A-T floating-rate notes at Libor plus 264 bps in the senior tranche.

Natixis Securities Americas LLC was the placement agent.

Brightwood Capital Advisors will manage the CLO.

The debt and equity firm is based in New York.

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