3i, Allstate, Sankaty, American Money, Carlyle, Highbridge price; Apollo sells euro CLO

By Cristal Cody

Tupelo, Miss., Nov. 24 – CLO managers including 3i Debt Management U.S. LLC, Allstate Investment Management Co., Sankaty Advisors LLC, American Money Management Corp., Carlyle Investment Management LLC and Highbridge Principal Strategies LLC tapped the U.S. primary market.

The issuance pushes year-to-date CLO volume to more than $100 billion, according to Prospect News data.

3i Debt Management sold $504.25 million of notes in the Jamestown CLO VIII, Ltd. deal.

Allstate Investment Management priced a $501 million CLO, its first transaction of the year.

Also in the primary market, Sankaty Advisors placed $408.48 million of notes in its new CLO transaction.

American Money Management raised a $357.75 million CLO.

Carlyle Investment Management was in the market with a $509.1 million CLO offering.

Details also emerged on Highbridge Principal Strategies’ $451.5 million CLO transaction.

In European CLO primary action, Apollo Global Management, LLC sold €458.75 million of notes in its first euro-denominated CLO deal of the year.

Looking ahead to the upcoming year, Wells Fargo Securities, LLC analysts said on Tuesday they forecast $75 billion of U.S. CLO issuance and €15 billion of Euro CLO issuance in 2016.

3i Debt taps market

3i Debt Management sold $504.25 million of notes due Jan. 15, 2028 in the Jamestown CLO VIII CLO, a market source said.

The CLO priced $315.8 million of class A-1A senior secured floating-rate notes at Libor plus 152 basis points in the senior tranche.

Mizuho Securities USA, Inc. was the placement agent.

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

Proceeds from the transaction will be used to purchase a portfolio of about $505.25 million of mostly senior secured leveraged loans.

3i Debt Management has priced two new U.S. CLOs and refinanced one vintage CLO deal year to date.

The investment manager is based in New York City.

Allstate prints new CLO

Allstate Investment Management priced $501 million of notes in the Aimco 2015-1 CLO deal, a market source said.

Aimco 2015-1 CLO sold $280 million of class A-1 floating-rate notes at Libor plus 170 bps and $45 million of class A-2 floating-rate notes at Libor plus 155 bps in the senior tranches.

Goldman Sachs & Co. arranged the deal.

The Northbrook, Ill.-based firm, a subsidiary of Allstate Corp., last priced a CLO offering in 2014.

Sankaty sells $408.48 million

Sankaty Advisors priced $408.48 million of notes due Dec. 15, 2028 in the Avery Point CLO VII, Ltd./Avery Point CLO VII, Corp. transaction, according to a market source.

The CLO sold $232 million of class A-1 senior secured floating-rate notes (Aaa//AAA) at Libor plus 150 bps and $20 million of 3.2% class A-2 senior secured fixed-rate notes (Aaa//AAA) at the top of the capital structure.

J.P. Morgan Securities LLC was the placement agent.

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

Sankaty has been in the primary market with three CLO deals in 2015.

The Boston-based alternative investment firm priced two CLO transactions in 2014.

American Money brings CLO 17

American Money Management printed $357.75 million of notes due Nov. 15, 2027 in the AMMC CLO 17, Ltd./AMMC CLO 17, LLC transaction, according to a market source.

The CLO sold $155.75 million of class A-1 floating-rate notes at Libor plus 160 bps in the senior tranche.

MUFG was the placement agent.

The offering is backed primarily by broadly syndicated senior secured loans.

American Money Management has priced two CLO deals year to date.

The Cincinnati-based subsidiary of insurance holding company American Financial Group, Inc. brought to market two CLOs in 2014.

Carlyle sells $509.1 million

Carlyle Investment Management sold $509.1 million of notes due Nov. 30, 2027 in a CLO transaction via Citigroup Global Markets Inc., according to a market source.

Carlyle Global Market Strategies CLO 2015-4, Ltd./Carlyle Global Market Strategies CLO 2015-4 LLC priced $321.6 million of class A-1 senior secured floating-rate notes at Libor plus 153 bps in the senior tranche.

The deal is backed mainly by first-lien senior secured corporate loans.

Proceeds from the transaction will be used to purchase a portfolio of about $500 million of primarily senior secured leveraged loans.

Carlyle Investment Management has priced three U.S. broadly syndicated CLO deals and one middle-market CLO offering year to date.

The asset management firm is an affiliate of the Washington, D.C.-based Carlyle Group.

Highbridge taps market

Highbridge Principal Strategies sold a $451.5 million CLO offering that closed on Tuesday, according to a market source.

Highbridge Loan Management 7-2015 Ltd./Highbridge Loan Management 7-2015 LLC sold $272.8 million of class A senior secured floating-rate notes at Libor plus 148 bps at the top of the capital stack.

BNP Paribas Securities Corp. was the placement agent.

The notes are due Nov. 15, 2026.

Highbridge Principal Strategies has priced three CLOs in 2015.

The New York City-based affiliate of Highbridge Capital Management, LLC brought two CLO deals in 2014.

Apollo prices €458.75 million

Looking to European deal action, Apollo Global Management sold €458.75 million of notes in the ALME Loan Funding IV Ltd. vehicle, according to a market source.

The CLO priced €272.25 million of class A floating-rate notes at Euribor plus 150 bps in the AAA-rated slice.

Deutsche Bank AG, London Branch arranged the deal.

Apollo, a New York City-based alternative asset management firm, previously priced a euro-denominated CLO offering on Oct. 28, 2014.

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