Marathon Asset Management issues $403.2 million CLO; loan fund outflows decline

By Cristal Cody

Tupelo, Miss., Nov. 6 – Marathon Asset Management LP closed Friday on a $403.2 million CLO in the manager’s first new issue offering of the year.

Also on Friday, CVC Credit Partners Group Ltd. settled its previously reported €382.45 million CVC Cordatus Loan Fund XVIII DAC offering, which placed €226.9 million of the class A senior secured floating-rate notes at Euribor plus 110 basis points.

In addition, Voya Alternative Asset Management LLC closed Friday on its $400.7 million Voya CLO 2020-3, Ltd./Voya CLO 2020-3 LLC deal, which placed $221 million of class A-1 floating-rate notes at Libor plus 130 bps.

New issue supply this year includes about $70 billion of dollar-denominated broadly syndicated CLO volume and more than €17 billion of euro-denominated issuance year to date, according to market sources.

In other activity, leveraged loan funds saw $274.2 million of outflows for the past week ended Wednesday, down from $504.8 million in redemptions in the previous week, according to Fitch Ratings on Friday.

In its deal, Marathon Asset Management sold $403.2 million of notes due Nov. 15, 2031 in the new CLO, according to market sources.

Marathon CLO 2020-15 Ltd./Marathon CLO 2020-15 LLC priced $240 million of class A-1S floating-rate notes at Libor plus 170 bps at the top of the capital structure.

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