ICG, Barings price broadly syndicated CLOs; Antares brings million middle market CLO

By Cristal Cody

Tupelo, Miss., Oct. 29 – New CLO market supply includes broadly syndicated and middle-market issuance.

ICG Debt Advisors LLC brought $401.8 million of notes in the manager’s first CLO of the year.

Barings LLC priced $349.1 million of notes in a new broadly syndicated CLO offering.

In the CLO middle-market space, Antares Capital Advisers LLC sold $596.24 million of notes.

In other activity, Five Arrows Managers North America LLC closed Thursday on its previously reported $302.2 million Ocean Trails CLO X/Ocean Trails CLO X LLC broadly syndicated transaction.

Ocean Trails CLO X priced $160 million of class A-1 floating-rate notes at Libor plus 155 basis points.

New Mountain Credit CLO Advisors LLC also closed Thursday on its previously reported $348.7 million New Mountain CLO 1 Ltd./New Mountain CLO 1 LLC deal, which priced $197 million of the class A-1 senior secured floating-rate notes at Libor plus 155 bps.

Nearly $70 billion of dollar-denominated broadly syndicated CLOs and more than $6 billion of middle-market CLOs have priced year to date, sources report.

ICG prices $401.8 million

ICG Debt Advisors sold $401.8 million of notes due Oct. 22, 2031 in the new deal, according to market sources.

ICG US CLO 2020-1, Ltd./ICG US CLO 2020-1 LLC priced $248 million of the class A-1 floating-rate notes at Libor plus 140 bps.

BofA Securities Inc. was the placement agent.

The CLO is backed primarily by senior secured corporate loans.

The firm is a subsidiary of London-based parent company Intermediate Capital Group plc.

Barings CLO prints

Barings priced $349.1 million of notes due Oct. 15, 2033 in its offering, according to market sources.

Barings CLO Ltd. 2020-II/Barings CLO Ltd. 2020-II LLC sold $210 million of class A-1 floating-rate notes at Libor plus 129 bps at the top of the capital structure.

Morgan Stanley & Co. LLC was the placement agent.

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

The Charlotte, N.C.-based CLO manager is a subsidiary of Massachusetts Mutual Life Insurance Co.

Antares taps market

Antares Capital Advisers priced $596.24 million of notes due Oct. 23, 2031 in its middle-market CLO deal, according to market sources.

Antares CLO 2020-1, Ltd./Antares CLO 2020-1, LLC sold $345 million of class A-1 floating-rate notes at Libor plus 190 at the top of the capital stack.

BNP Paribas Securities Corp. was the placement agent.

The notes are backed primarily by middle-market senior secured term loans.

Antares Capital is a Chicago-based investment management firm and affiliate of Antares Holding LP.

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