Pramerica reopens CLO; Crescent Capital, Silvermine price; vintage CLOs stable to better

By Cristal Cody

Tupelo, Miss., Sept. 9 – Pramerica Investment Management Ltd., Crescent Capital Group LP and Silvermine Capital Management LLC brought new CLO issuance, while vintage CLOs were quoted flat to 10 basis points better in secondary trading, according to sources on Tuesday.

Pramerica Investment Management sold €201.88 million of notes in a reopening of the Dryden XXVII Euro CLO 2013 BV deal that first priced in 2013, according to an informed source.

The CLO priced €46 million of 2.3% class A-1A senior secured fixed-rate notes and €67 million of class A-1B senior secured floating-rate notes at Euribor plus 135 bps at the top of the capital structure.

Barclays Bank plc arranged the offering.

Pramerica Investment Management sold €300 million of notes in the original transaction that priced in April 2013. The total outstanding is €501.88 million.

The transaction marks the first post-financial crisis European CLO to price an add-on, according to Fitch Ratings.

London-based Pramerica is the leveraged finance arm of Prudential Financial, Inc.

In U.S. primary action, Crescent Capital Group priced $564.12 million of notes in the Atlas Senior Loan Fund VI Ltd./Atlas Senior Loan Fund VI LLC deal, a source said.

The CLO priced the $340.45 million AAA tranche of notes at Libor plus 154 bps.

Deutsche Bank Securities Inc. arranged the offering.

Los Angeles-based Crescent Capital was last in the primary market on May 15 with the $458.6 million Atlas Senior Loan Fund V Ltd./Atlas Senior Loan Fund V LLC deal.

Silvermine Capital Management raised $879.1 million in the ECP CLO 2014-6 Ltd./ECP CLO 2014-6 LLC transaction, according to a source.

The CLO priced $516.7 million of class A-1A floating-rate notes at Libor plus 145 bps.

Citigroup Global Markets Inc. was the placement agent.

The deal is the Stamford, Conn.-based employee-owned asset management firm’s third CLO transaction of the year.

Mezzanine notes firm

In the secondary market, pre-financial crisis BBB CLO notes firmed 10 bps in the first week of September to Libor plus 350 bps, according to a J.P. Morgan Securities LLC research note.

Vintage 2006 and 2007 CLO AAA notes were unchanged from late August at Libor plus 90 bps.

European BBB notes tightened 10 bps to Euribor plus 365 bps in the first part of the month, according to the note.

Vintage euro CLO AAA notes remain flat and have been unchanged at Euribor plus 95 bps since July, JPMorgan said.

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