Angelo Gordon prices $294.8 million; Golub brings $264.36 million CLO; AAAs improve

By Cristal Cody

Tupelo, Miss., Aug. 12 – The primary market is remaining active with new broadly syndicated and middle-market CLO supply.

Angelo, Gordon & Co., LP priced $294.8 million of notes in the manager’s first new dollar-denominated broadly syndicated CLO deal of the year.

Elsewhere in the market, Benefit Street Partners LLC closed Wednesday on its previously reported $397 million Benefit Street Partners CLO XXI Ltd./Benefit Street Partners CLO XXI LLC offering. The CLO priced the $240 million tranche of class A-1 floating-rate notes at Libor plus 170 basis points.

Broadly syndicated CLO volume totals more than $44 billion year to date.

In the middle-market space, Golub Capital subsidiary GC Advisors LLC priced a new $264.36 million CLO.

CLO managers have sold more than $4 billion of new middle-market deals year to date, sources report.

Middle-market CLO AAA spreads have hovered in the Libor plus 235 bps area over the past two months after moving out to the Libor plus 300 bps average in April, according to Wells Fargo Securities, LLC.

Broadly syndicated AAAs have drifted tighter to the Libor plus 160 bps average late in the summer, about 20 bps tighter on average than in April, Wells Fargo said.

Northwoods Capital prints

Angelo Gordon priced $294.8 million of notes due Sept. 1, 2031 in the CLO offering, according to market sources.

Northwoods Capital 22, Ltd./Northwoods Capital 22, LLC sold $180 million of class A-1 floating-rate notes at Libor plus 192 bps at the top of the capital structure.

Barclays was the placement agent.

The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.

Angelo Gordon, an alternative investment manager based in New York, has priced one dollar-denominated CLO and one euro-denominated CLO year to date.

Golub prices BDC CLO 4

GC Advisors priced $264.36 million of notes due Nov. 5, 2032 in the Golub Capital BDC CLO 4 LLC transaction, according to market sources.

The CLO priced $137.5 million of class A-1 floating-rate notes at Libor plus 235 bps at the top of the capital stack.

Wells Fargo Securities LLC was the placement agent.

The offering is collateralized primary by middle-market senior secured loans.

The New York-based company has priced three new middle-market CLOs and one new broadly syndicated CLO year to date.

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