BlackRock, Benefit Street, Invesco, Pimco price CLOs; AB Private taps middle market

By Cristal Cody

Tupelo, Miss., Dec. 15 – Several more issuers tapped the broadly syndicated and middle-market CLO primary markets before the year closes.

BlackRock Financial Management, Inc. sold $456.5 million of notes in the manager’s fourth broadly syndicated CLO offering of 2020.

Benefit Street Partners LLC priced $404.7 million of notes in the manager’s third new broadly syndicated CLO offering of the year.

In addition, Invesco Senior Secured Management, Inc. priced $408 million of notes in the manager’s first dollar-denominated broadly syndicated CLO transaction this year.

Meanwhile, Pacific Investment Management Co. LLC priced $404.3 million of notes in its first post financial-crisis CLO offering.

In the middle-market space, AB Private Credit Investors LLC priced $346.75 million of notes. The deal is the manager’s third middle-market CLO offering of the year.

More than $7 billion of CLOs have priced month to date, including $6.6 billion of new issues and $700 million of refinancings, as well as €1.7 billion of euro-denominated CLOs, according to a J.P. Morgan Securities LLC research note released on Tuesday.

New issue volume year to date includes more than $83 billion of dollar-denominated CLOs, more than €22 billion of euro-denominated CLOs and about $8 billion of middle-market CLOs, market sources report.

BlackRock prices

BlackRock Financial Management sold $456.5 million of notes due Jan. 25, 2032 in its CLO offering, according to market sources.

Magnetite XXV, Ltd./Magnetite XXV LLC priced $283.5 million of the class A floating-rate notes at Libor plus 120 basis points.

GreensLedge Capital Markets LLC was the placement agent.

The notes are collateralized primarily by broadly syndicated first-lien senior secured loans.

BlackRock is an investment management firm based in New York City.

Benefit Street sells CLO

Benefit Street Partners priced $404.7 million of notes due Jan. 20, 2032 in the manager’s new issue, according to market sources.

Benefit Street Partners CLO XXII Ltd./Benefit Street Partners CLO XXII LLC sold $240 million of class A-1 floating-rate notes at Libor plus 126 bps in the senior tranche.

Citigroup Global Markets Inc. was the placement agent.

BSP CLO Management LLC is the CLO manager.

The notes are collateralized mostly by first-lien senior secured loans.

New York City-based Benefit Street Partners is a credit investment subsidiary of Franklin Templeton Investments.

Invesco brings $408 million

Invesco Senior Secured Management priced $408 million of notes due Jan. 15, 2033 in its CLO transaction, according to market sources.

Lucali CLO Ltd./Lucali CLO LLC sold $256 million of the class A floating-rate notes at Libor plus 121 bps.

Morgan Stanley & Co. LLC was the placement agent.

The issue is collateralized primarily by first-lien senior secured loans.

Invesco Senior Secured Management is a subsidiary of Atlanta-based Invesco, Ltd.

Pimco taps primary

Pacific Investment Management priced $404.3 million of notes due Jan. 20, 2032 in the manager’s first new CLO deal in 13 years, according to market sources.

Balboa Bay Loan Funding 2020-1 Ltd./Balboa Bay Loan Funding 2020-1 LLC sold $248 million of its class A floating-rate notes at Libor plus 135 bps.

Morgan Stanley was the placement agent.

The CLO is backed primarily by broadly syndicated first-lien senior secured corporate loans, cash and eligible investments.

Pacific Investment Management is an investment management firm based in Newport Beach, Calif.

AB Private taps market

Also, AB Private Credit Investors sold $346.75 million of notes due Jan. 20, 2032 in a middle-market CLO offering, according to market sources.

ABPCI Direct Lending Fund CLO X Ltd./ABPCI Direct Lending Fund CLO X LLC sold $178 million of the class A-1A floating-rate notes at Libor plus 195 bps.

Natixis Securities Americas LLC was the placement agent.

The issue is collateralized primarily by middle-market senior secured loans, cash and eligible investments.

The middle-market lender is a subsidiary of New York-based AllianceBernstein LP.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.