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Acis Capital Management readies $578.35 million CLO; deal calendar thins in March
By Cristal Cody
Tupelo, Miss., March 3 – Acis Capital Management, LP is in the deal pipeline with a $578.35 million collateralized loan obligation offering, according to a market source.
With more than $14 billion of CLOs priced in the U.S. space year to date, primary action over March may slow, according to market sources.
Moody’s Investors Service said in a Feb. 19 report that it expected about 32 CLOs totaling about $15 billion to price or close in the first quarter.
Market analysts forecast steady but lower issuance this year from the record $120 billion-plus of deals brought in 2014.
Barclays analysts on Friday lowered their 2015 deal forecast by $10 billion to a range of $90 billion to $110 billion of volume for the year.
Spreads have tightened across the capital structure in the secondary market in response to a light primary supply and strong demand, according to BofA Merrill Lynch.
Acis preps CLO 2015-6
Acis Capital Management plans to price $578.35 million of notes due May 1, 2027 in the CLO offering via Jefferies LLC, according to a market source.
The ACIS CLO 2015-6 Ltd./ACIS CLO 2015-6 LLC deal includes $300 million of class A-1 floating-rate notes (/AAA/); $47 million of class A-2 fixed-rate notes (/AAA/); $75 million of class B-1 floating-rate notes (/AA/); $14 million of class B-2 fixed-rate notes; $31.5 million of class C deferrable floating-rate notes (/A/); $25 million of class D deferrable floating-rate notes (/BBB/); $26 million of class E deferrable floating-rate notes (/BB/) and $59.85 million of subordinated notes.
The transaction, backed primarily by a revolving pool of broadly syndicated senior secured corporate loans, is expected to close on April 16.
Acis Capital Management, an affiliate of Dallas-based Highland Capital Management, LP, was in the primary market in 2014 with three CLO deals.
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