Brigade Capital prices Battalion CLO VII; Marathon Asset markets $432.35 million CLO

By Cristal Cody

Tupelo, Miss., Oct. 27 – Brigade Capital Management, LLC brought a $413 million CLO deal, while looking ahead, Marathon Asset Management LP plans to bring a transaction, according to market sources on Monday.

Brigade Capital Management, last in the primary market in September, priced $413 million of notes due Oct. 17, 2026 in the Battalion CLO VII Ltd./Battalion CLO VII LLC deal.

The CLO sold $252 million of class A-1 senior secured floating-rate notes at Libor plus 160 basis points at the top of the capital structure. At the bottom of the stack, the CLO priced $21 million of class D senior secured deferrable floating-rate notes at Libor plus 530 bps.

BofA Merrill Lynch was the placement agent.

Brigade Capital previously priced the $461.1 million Battalion CLO VI Ltd./Battalion CLO VI LLC deal in September and the $416.5 million Battalion CLO V Ltd./Battalion CLO V LLC transaction in March.

Coming up, Marathon Asset Management intends to offer $432.35 million of notes due Nov. 15, 2025, according to a market source.

The Marathon CLO VII Ltd./Marathon CLO VII LLC transaction includes $257.5 million of class A-1 floating-rate notes (Aaa/AAA/); $51.9 million of class A-2 floating-rate notes (/AA/); $34.4 million of class B deferrable floating-rate notes (A2/A/); $27 million of class C deferrable floating-rate notes (/BBB-/); $17.6 million of class D deferrable floating-rate notes (/BB-/) and $43.95 million of subordinated notes.

J.P. Morgan Securities LLC is the placement agent.

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