AGL, Ballyrock price; GC sells $677.53 million middle-market CLO; 325 Fillmore refinances

By Cristal Cody

Tupelo, Miss., Oct. 20 – AGL Credit Management LP tapped the CLO primary market with $550 million of notes in the manager’s sixth broadly syndicated CLO deal issued this year.

Meanwhile, Ballyrock Investment Advisors LLC sold $397.3 million of notes in the manager’s second CLO offering of the year.

In the middle-market space, GC Investment Management LLC priced $677.53 million of notes in a new middle-market CLO.

The refinancing space also remains active with reprints of fixed-rate tranches in October.

325 Fillmore LLC refinanced the fixed-rate tranche in a partial refinancing of a 2018 broadly syndicated CLO.

More than $60 billion of new broadly syndicated CLOs have priced this year, while middle-market volume totals over $6 billion year to date.

About $30 billion of CLO notes have been refinanced so far this year, according to market sources.

AGL brings sixth CLO

AGL Credit Management priced $550 million of notes due Oct. 20, 2031 in the new broadly syndicated CLO, according to market sources.

AGL CLO 8 Ltd./AGL CLO 8 LLC sold $316 million of class A-1 senior secured floating-rate notes at Libor plus 150 basis points at the top of the capital stack.

Mizuho Securities USA LLC was the placement agent.

AGL Core Fund Vintage 2019-1, LP will manage the CLO.

The CLO is collateralized primarily by broadly syndicated first-lien senior secured corporate loans.

AGL Credit Management has issued six new CLOs year to date.

The New York-based investment firm was founded in 2019 and is a subsidiary of the Abu Dhabi Investment Authority.

Ballyrock prices

Ballyrock Investment Advisors priced $397.3 million of notes due Oct. 20, 2031 in its offering, according to market sources.

Ballyrock CLO 2020-2 Ltd./Ballyrock CLO 2020-2 LLC sold $240 million of the class A-1 floating-rate notes at Libor plus 132 bps.

Barclays was the placement agent.

The CLO is collateralized primarily by broadly syndicated senior secured corporate loans.

Ballyrock Investment Advisors has priced two new CLOs year to date.

The investment management firm is based in Boston.

GC prints $677.53 million

In middle-market supply, GC Investment Management priced $677.53 million of notes due Oct. 20, 2029, according to a market source.

Golub Capital Partners TALF 2020-1, LP/Golub Capital Partners TALF 2020-1, LLC sold $409.5 million of class A floating-rate notes at Libor plus 195 bps in the AAA-rated tranche.

SG Americas Securities LLC was the placement agent.

The notes are backed primarily by a static portfolio of middle-market senior secured corporate loans.

GC Investment Management is an affiliate of New York-based middle market lender Golub Capital.

325 Fillmore reprices notes

Elsewhere, 325 Fillmore sold $7 million of notes due Oct. 25, 2030 in the partial CLO refinancing, according to market sources.

Elevation CLO 2017-8, Ltd./Elevation CLO 2017-8 LLC priced $7 million of 2.19% class A-2-R senior secured fixed-rate notes (expected ratings Aaa).

The CLO originally issued $7 million of 3.57% class A-2 senior secured fixed-rate notes on Jan. 25, 2018.

BofA Securities, Inc. was the refinancing agent.

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

The investment management firm is based in Denver.

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