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LCM prices $460.73 million CLO, manager’s second of year; CVC offers €414.2 million
By Cristal Cody
Tupelo, Miss., July 11 – Deal activity is ramping up in both the U.S. and European CLO primary markets.
LCM Asset Management LLC sold $460.73 million of notes in the manager’s second CLO transaction of 2018.
In the euro-denominated primary market, CVC Credit Partners Group Ltd. is expected to price €414.2 million of notes in the firm’s second new issue of the year. CVC was last in the primary market on Dec. 1 with the €415.1 million CVC Cordatus Loan Fund X DAC deal, which closed on Jan. 31. CVC has refinanced three vintage European CLOs year to date.
In its deal, LCM Asset Management sold $460.73 million of notes due July 16, 2031 in the LCM 27 Ltd./LCM 27 LLC CLO deal, according to a market source.
The CLO priced the $272.25 million of class A-1 floating-rate notes at Libor plus 108 basis points.
Morgan Stanley & Co. LLC was the placement agent.
The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.
Meanwhile, CVC Credit Partners plans to price €414.2 million of notes due 2031 in the CVC Cordatus Loan Fund XI DAC transaction, according to a market source.
Barclays is the placement agent.
The deal is expected to close on Sept. 7.
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