CAVALRY CLO III, LTD./CAVALRY CLO III, LLC: | $411.05 million CLO; Wells Fargo Securities LLC (placement agent); Regiment Capital Management, LLC (CLO manager); Boston-based asset management firm; notes due January 2026; closes in December.
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• $245 million of class A senior secured floating-rate notes (Aaa)
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• $40 million of class B senior secured floating-rate notes
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• $35.5 million of class C secured deferrable floating-rate notes
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• $30.55 million of class D secured deferrable floating-rate notes
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• $60 million of subordinated notes
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SHACKLETON 2013-1 CLO LTD./SHACKLETON 2013-1 CLO LLC: $413.85 million CLO; J.P. Morgan Securities LLC (placement agent); notes due December 2024; Alcentra NY LLC (CLO manager); subsidiary of the Bank of New York Mellon Corp.; closes in December.
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• $250.1 million of class A senior secured floating-rate notes (Aaa/AAA/)
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• $46.4 million of class B senior secured floating-rate notes (/AA/)
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• $33.4 million of class C mezzanine secured deferrable floating-rate notes (/A/)
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• $20.3 million of class D mezzanine secured deferrable floating-rate notes (/BBB/)
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• $17.1 million of class E junior secured deferrable floating-rate notes (/BB/)
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• $10.7 million of class F junior secured deferrable floating-rate notes (/B/)
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• $35.85 million of subordinated notes
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On The Horizon
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APOLLO CREDIT MANAGEMENT LLC: $609 million CLO offering; Wells Fargo Securities LLC (underwriter); subsidiary of New York City-based Apollo Global Management, LLC.
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CIT CLO 2013-1 LTD.: £223.47 million of notes due Sept. 15, 2023; Deutsche Bank Securities Inc. (arranger);CIT Asset Management LLC (CLO manager); subsidiary of CIT Group Inc., a Livingston, N.J.- and New York City-based lender to small and middle market businesses.
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• £93.31 million of class A notes (/AAA/)
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• £19.24 million of class B notes (/AA/)
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• £22.01 million of class C deferrable notes (/A/)
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• £88.91 million of subordinated notes
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CVC CREDIT PARTNERS, LLC: European CLO transaction; Goldman Sachs & Co.; New York City-based subsidiary of London-based private equity firm CVC Capital Partners Ltd.
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EATON VANCE MANAGEMENT: U.S. CLO offering: Boston-based investment management firm.
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FLATIRON CLO 2013-1 LTD./FLATIRON CLO 2013-1 LLC: $409.75 million of notes due January 2026; Merrill Lynch, Pierce, Fenner & Smith Inc. (placement agent); New York Life Investment Management LLC (CLO manager); subsidiary of New York Life Insurance Co.; proceeds to be used to repay parties that provided interim financing and to purchase assets to reach a target portfolio of about $400 million of leveraged loans; deal closes in December.
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• $250.75 million of class A-1 notes (Aaa//AAA)
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• $55.75 million of class A-2 notes (Aa2//AA)
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• $17 million of class B notes (A2)
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• $25 million of class C notes (Baa3)
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• $18 million of class D notes (Ba3)
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• $12 million of class E notes (B2)
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• $31.25 million of subordinated notes
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NORTH WESTERLY CLO IV: €300 million European CLO; RBS Securities Inc. (placement agent); NIBC Leveraged Finance Markets, unit of NIBC Bank NV (CLO manager); rated tranches of AAA, AA, A, BBB and BB notes; Regulation S and Rule 144A; the Hague, Netherlands, asset management firm.
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OCTAGON CREDIT INVESTORS, LLC: $713 million CLO; Citigroup Global Markets Inc. (placement agent); New York City-based portfolio manager and affiliate of private equity firm CCMP Capital Advisors, LLC.
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PINEWOOD CLO 2013-1 BV: €306.2 million European CLO; Investec Securities Ltd. and Wells Fargo Securities, LLC; Pramerica Investment Management Ltd. (CLO manager); London-based leveraged finance arm of Newark, N.J.-based Prudential Financial, Inc.
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TELOS CLO 2013-5, LTD.: CLO; Telos Asset Management LLC (CLO manager); subsidiary of New York-based Tiptree Financial Inc.
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