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Bain Capital prices €304.4 million; Bridgepoint brings debut CLO; MJX taps market
By Cristal Cody
Tupelo, Miss., Nov. 19 – The European CLO primary market is picking up activity in November with two more new issues.
Bain Capital Credit, Ltd. affiliate Bain Capital Credit U.S. CLO Manager, LLC priced €304.4 million of notes in the manager’s first new euro-denominated CLO offering of 2020.
Meanwhile, Bridgepoint Credit Management Ltd. priced a debut €301.85 million European broadly syndicated CLO.
In the dollar-denominated space, MJX Asset Management LLC sold $451.87 million of notes in the manager’s second new issue CLO offering of the year.
More than $13 billion of euro-denominated CLOs and about $70 billion of dollar-denominated broadly syndicated CLOs have priced year to date, according to market sources.
Bain Euro CLO prints
Bain Capital Credit U.S. CLO Manager priced €304.4 million of notes due Jan. 17, 2033 in the new euro-denominated CLO, according to a market source.
Bain Capital Euro CLO 2020-1 DAC sold €182.4 million of the class A senior secured floating-rate notes at Euribor plus 110 basis points.
Goldman Sachs International was the placement agent.
The deal is backed primarily by broadly syndicated senior secured obligations.
Bain Capital, a Boston-based asset management firm, is a subsidiary of Bain Capital LP.
Bridgepoint prices
Bridgepoint Credit Management priced €301.85 million of notes due Jan. 16, 2034 in its offering, according to market sources.
Bridgepoint CLO 1 DAC sold €180 million of class A senior secured floating-rate notes at Euribor plus 121 bps in the AAA-rated tranche.
Barclays was the placement agent.
The CLO is backed primarily by senior secured obligations.
Bridgepoint Credit Management is an asset management firm based in London.
MJX brings Venture 40 CLO
MJX Asset Management tapped the primary market with $451.87 million of notes due Nov. 24, 2031 in the Venture 40 CLO, Ltd./Venture 40 CLO, LLC transaction, according to market sources.
The CLO sold $270 million of class A-1 senior secured floating-rate notes at Libor plus 136 bps at the top of the capital stack.
Jefferies LLC was the placement agent.
The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.
The asset management firm is based in New York City.
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