Gallatin prices $436.5 million CLO; GSO/Blackstone top U.S. CLO manager

By Cristal Cody

Tupelo, Miss., Aug. 30 – New August CLO issuance includes a $436.5 million deal from Gallatin Loan Management, LLC that closed on Thursday.

Gallatin CLO IX 2018-1 Ltd. sold the $280.5 million of class A senior secured floating-rate notes at Libor plus 105 basis points.

Meanwhile, volume year to date includes about $75 billion of new issues and more than $100 billion of refinanced and reset vintage CLOs, according to market sources.

“The collateralized loan obligation market remained busy in the first half of 2018, with high levels of both new issuance and resets driving slight shifts in the rankings of the most active U.S. and European CLO managers, in terms of both deal count and assets under management,” Moody’s Investors Service said in its August CLO report.

GSO/Blackstone Debt Funds Management LLC added two CLO deals in the first half of the year, surpassing Carlyle CLO Management LLC, to become the top U.S. CLO manager by both assets under management and deal count, Moody’s said. GSO/Blackstone has priced a total of 26 CLO deals and has $15.5 billion of assets under management, while Carlyle, which ranked second, has priced 25 CLOs and has $13.1 billion of assets under management.

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