Kayne Anderson prices $449 million CLO; Cerberus sells $504.8 million in middle market

By Cristal Cody

Tupelo, Miss., Nov. 10 – The broadly syndicated and middle-market CLO primary markets saw new issuance from Kayne Anderson Capital Advisors, LP and Cerberus Capital Management, LP.

Kayne Anderson Capital Advisors priced $449 million of notes in the manager’s third broadly syndicated CLO deal of the year.

Cerberus Capital Management sold $504.8 million of notes in its second middle-market CLO offering year to date.

In other market activity, Barings LLC closed Tuesday on its previously reported $349.1 million Barings CLO Ltd. 2020-II/Barings CLO Ltd. 2020-II LLC offering, which priced $210 million of the class A-1 floating-rate notes at Libor plus 129 basis points.

Also on Tuesday, NYL Investors LLC settled its $404.48 million Flatiron CLO 20 Ltd./Flatiron CLO 20 LLC deal. The CLO placed $252 million of the class A floating-rate notes at Libor plus 130 bps.

About $70 billion of broadly syndicated CLOs and more than $6 billion of middle-market CLOs have priced year to date, according to market sources.

Kayne CLO 9 prices

Kayne Anderson Capital Advisors priced $449 million of notes due Jan. 15, 2034 in the broadly syndicated CLO transaction, according to market sources.

Kayne CLO 9 Ltd./Kayne CLO 9 LLC sold $279 million of class A-1 floating-rate notes at Libor plus 140 bps at the top of the capital stack.

Goldman Sachs & Co. LLC was the placement agent.

The CLO is backed primarily by broadly syndicated first-lien senior secured corporate loans.

Kayne Anderson has priced three new broadly syndicated CLOs year to date.

The alternative asset management firm is based in Los Angeles.

Cerberus XXIX CLO prints

Cerberus Capital Management issued $504.8 million of notes due Oct. 15, 2032 in its middle-market CLO deal that closed on Tuesday, according to market sources.

Cerberus Loan Funding XXIX LP sold $260 million of the class A senior secured floating-rate notes at Libor plus 190 bps.

Wells Fargo Securities, LLC was the placement agent.

Cerberus Business Finance, LLC will manage the CLO.

The CLO is collateralized by small and medium-sized enterprise loans and other assets.

The private equity firm is based in New York.

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