Alcentra sells $509 million CLO; Ares on tap; Golub eyes $1 billion middle-market CLO

By Cristal Cody

Tupelo, Miss., July 3 – Alcentra NY, LLC tapped the CLO primary market with its first new reported offering of the year.

The CLO manager sold $509 million of notes in the deal set to close later in July.

Upcoming transactions include a $511.6 million CLO offering from Ares Management LLC in the CLO manager’s third new broadly syndicated CLO transaction of 2018.

Golub Capital affiliate GC Investment Management LLC also plans to price a $1 billion middle-market CLO offering. The middle-market lender has been in the primary market year to date with one new CLO issue and three refinanced CLO transactions.

Broadly syndicated and middle-market CLO issuance totals more than $63 billion through the first half of the year, according to market sources.

Shackleton 2018-XII prices

Alcentra NY priced $509 million of notes due July 21, 2031 in the CLO deal, according to a market source.

Shackleton 2018-XII CLO, Ltd./Shackleton 2018-XII CLO LLC sold $320 million of class A senior floating-rate notes at Libor plus 107 basis points at the top of the capital stack.

BNP Paribas Securities Corp. was the placement agent.

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

Alcentra has priced one new CLO and refinanced one vintage CLO year to date.

In 2017, Alcentra sold two new CLOs and refinanced three vintage CLOs.

The New York-based firm is part of BNY Alcentra Group Holdings, Inc.

Ares markets XLIX CLO

Ares Management plans to price $511.6 million of notes due July 22, 2030 in the Ares XLIX CLO Ltd./Ares XLIX CLO LLC transaction that will be managed by Ares CLO Management LLC, according to a market source.

The deal includes $290 million of class A-1 floating-rate notes (AAA/AAA); $35 million of class A-2 floating-rate notes (//AAA); $55 million of class B floating-rate notes (AA); $31 million of class C floating-rate notes (A); $29 million of class D floating-rate notes (BBB-); $20 million of class E floating-rate notes (BB-) and $51.6 million of subordinated notes.

Natixis Securities Americas LLC is the placement agent.

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

The offering is expected to close Aug. 7.

Ares Management has priced two new CLOs year to date.

The alternative asset management firm is based in Los Angeles.

Golub CLO in pipeline

GC Investment Management plans to price $1,002,810,000 of notes due July 20, 2030 in the new Golub Capital Partners CLO 38(M), Ltd./Golub Capital Partners CLO 38(M), LLC middle-market transaction, according to a market source.

The offering is expected to include $556 million of class A floating-rate notes (AAA/AAA); $83 million of class B floating-rate notes (AA); $105.5 million of class C floating-rate notes (A); $70 million of class D floating-rate notes (BBB-) and $188.31 million of subordinated notes.

Wells Fargo Securities LLC is the placement agent.

The CLO is backed by middle-market first-lien senior secured term loans.

The deal is expected to close Aug. 7.

Golub Capital has priced one new CLO and refinanced three vintage CLOs year to date.

In 2017, the company priced two CLO transactions.

Golub Capital is a New York-based middle market lender.

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