June CLO pipeline full; Cutwater Investor Services markets $415.4 million transaction

By Cristal Cody

Tupelo, Miss., June 12 – The June pipeline in the collateralized loan obligation market remains strong following about $6 billion of CLOs priced month to date, according to market sources.

Invesco Senior Secured Management, Inc. priced a $617.8 million CLO deal via Citigroup Global Markets Inc., according to a market source.

Final pricing terms for the A Voce CLO, Ltd./A Voce CLO LLC transaction were not available by press time.

About $13 billion of CLO deals are in the pipeline.

Cutwater Investor Services Corp. plans to bring a $415.4 million CLO offering, according to a market source.

Cutwater readies deal

Cutwater Investor Services intends to offer $415.4 million of notes due 2026 in the Cutwater 2014-I, Ltd./Cutwater 2014-I, LLC CLO, according to a market source.

The deal includes $261.6 million of class A-1 floating-rate notes (//AAA); $38.2 million of class A-2 floating-rate notes; $25 million of class B floating-rate notes; $22.9 million of class C floating-rate notes; $21.8 million of class D floating-rate notes; $7.3 million of class E floating-rate notes and $38.6 million of subordinated notes.

Natixis Securities Americas LLC is the placement agent.

Cutwater Investor Services will manage the CLO.

The vehicle has a two-year non-call period and a four-year reinvestment period.

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

Proceeds from the deal will be used to purchase a portfolio of about $400 million of leveraged loans.

Cutwater Investor Services is an investment management firm based in New York City.

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