Marathon sells $405.8 million CLO; Investcorp wraps deal; BlueMountain cancels offering

By Cristal Cody

Tupelo, Miss., Nov. 26 – New CLO supply in November includes a $405.8 million offering from Marathon Asset Management LP.

The deal is the manager’s second new CLO priced this year.

In other new supply, Investcorp Credit Management US LLC priced a $404.85 million CLO transaction that closed on Tuesday.

Also on Tuesday, Trimaran Advisors, LLC closed on its previously reported $510.2 million Trimaran Cavu 2019-2 Ltd./Trimaran Cavu 2019-2 LLC offering.

Elsewhere, BlueMountain Fuji Management, LLC announced on Tuesday that it has canceled the refinancing and redemption of €252.5 million of notes from the vintage 2017 BlueMountain Fuji EUR CLO II DAC transaction.

BlueMountain said that conditions for the class A and class B notes would not be satisfied by the redemption date scheduled for Friday, according to a notice.

The CLO originally was issued June 28, 2017.

Marathon Asset Management sold $405.8 million of notes due Jan. 20, 2033 in the Marathon CLO 14 Ltd./Marathon CLO 14 LLC deal, according to market sources.

At the top of the capital stack, Marathon CLO 14 priced $236 million of class A-1A floating-rate notes at Libor plus 143 basis points and $12 million of class A-1B floating-rate notes at Libor plus 190 bps.

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