BlackRock brings $510.25 million new CLO offering; NCC prices $438 million debut deal

By Cristal Cody

Tupelo, Miss., Aug. 1 – Details emerged on two new CLO deals, including a debut offering.

BlackRock Financial Management, Inc. brought a $510.25 million CLO to the primary market.

NCC CLO Manager LLC, an adviser of Nassau Corporate Credit LLC, priced $438 million of notes in its first CLO transaction.

More than $50 billion of new broadly syndicated CLOs have priced year to date, according to market sources.

In its deal, BlackRock Financial Management sold $510.25 million of notes due July 17, 2030 in a new collateralized loan obligation deal, according to a market source.

Magnetite XIX, Ltd./Magnetite XIX LLC priced $320 million of class A senior secured floating-rate notes at Libor plus 118 basis points in the senior tranche.

BofA Merrill Lynch was the placement agent.

BlackRock has priced one new CLO and refinanced one vintage CLO year to date.

Meanwhile, NCC CLO Manager priced $438 million of notes due Oct. 15, 2029 in its debut CLO via Natixis Securities Americas LLC, according to a market source.

Nassau 2017-I Ltd./Nassau 2017-I LLC sold $231.3 million of class A-1-T floating-rate notes at Libor plus 132 bps at the top of the capital structure.

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

Nassau Corporate Credit is based in Darien, Conn.

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