CBAM prices $468 million; BlackRock sells middle-market CLO; Napier Park in primary

By Cristal Cody

Tupelo, Miss., Nov. 25 – The CLO primary market is remaining active in November with a new offering priced from CBAM Partners LLC.

CBAM Partners priced $468 million of notes in the manager’s second broadly syndicated CLO deal of the year.

In other supply, BlackRock Capital Investment Advisors LLC priced a $348.1 million middle-market CLO.

Looking at the euro-denominated market, Napier Park Global Capital Ltd. sold €353 million of notes in the manager’s second European CLO this year.

Meanwhile, Partners Group (UK) Management Ltd. closed Wednesday on its previously reported €350.95 million Penta CLO 8 DAC offering, which placed €210 million of the class A senior secured floating-rate notes at Euribor plus 115 basis points.

The dollar- and euro-denominated primary markets are expected to see additional issuance headed into the year’s end with several deals being marketed, a source said.

In its deal, CBAM Partners priced $468 million of notes due Jan. 20, 2034 in the new CLO, according to market sources.

CBAM 2020-13, Ltd./CBAM 2020-13 LLC sold $279 million of the class A floating-rate notes at Libor plus 143 bps.

BNP Paribas Securities Corp. was the placement agent.

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