Bain Capital sells $603.8 million notes in manager’s fourth CLO of year; secondary eyed

By Cristal Cody

Tupelo, Miss., Nov. 13 – Bain Capital Credit U.S. CLO Manager LLC priced an upsized $603.8 million of notes in the manager’s fourth new broadly syndicated CLO of 2019.

The CLO manager placed the senior AAA-rated tranche 2 basis points wider than where the senior tranche in its third CLO offering, Bain Capital Credit CLO 2019-3 Ltd./Bain Capital Credit CLO 2019-3 LLC, priced on Sept. 20.

About $100 billion of new dollar-denominated broadly syndicated CLOs have been brought to the primary market so far this year, sources report.

In other activity, the securitized secondary market saw moderate trading volume on Tuesday, according to Trace data.

In the previous session, $170.19 million of investment-grade CBO/CDO/CLO issues and $131.71 million of non-high-grade paper traded.

In its deal, Bain Capital Credit U.S. CLO Manager priced an upsized $603.8 million of notes in the Bain Capital Credit CLO 2019-4 Ltd./Bain Capital Credit CLO 2019-4 LLC offering, according to a market source.

The transaction was upsized from an initially expected $505.1 million deal.

Bain Capital Credit CLO 2019-4 sold $360 million of class A-1 senior secured floating-rate notes (Aaa/AAA) at Libor plus 136 bps at the top of the capital stack.

Credit Suisse Securities (USA) LLC was the placement agent.

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