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LCM prices $613.6 million CLO notes; Alcentra NY markets CLO manager’s first deal of year
By Cristal Cody
Tupelo, Miss., Feb. 23 – New CLO issuance remains light year to date compared to CLO refinancings, but the deal pace is starting to pick up.
LCM Asset Management LLC priced a new $613.6 million CLO, the firm’s first offering of 2017.
Alcentra NY LLC is marketing a $509.45 million deal, the CLO manager’s first transaction of the year.
Year to date, more than $4 billion of broadly syndicated CLOs have priced, while more than $15 billion of vintage U.S. CLOs have been refinanced, according to market sources and Prospect News data.
LCM raises $613.6 million
LCM Asset Management sold $613.6 million of notes at par in the LCM XXIV Ltd. CLO offering, according to a market source.
The CLO priced $387 million of class A floating-rate notes at Libor plus 131 basis points in the senior tranche.
BofA Merrill Lynch was the placement agent.
LCM Asset Management priced three CLO transactions and refinanced one vintage CLO in 2016.
The New York City-based asset management firm is a subsidiary of Tetragon Financial Group Ltd.
Alcentra to price CLO
Alcentra NY plans to price $509.45 million of notes due April 20, 2029 in a new broadly syndicated CLO, according to a market source.
The Shackleton 2017-X CLO, Ltd./Shackleton 2017-X LLC deal includes $320 million of class A senior floating-rate notes (Aaa//AAA); $60 million of class B senior floating-rate notes (Aa2); $30 million of class C mezzanine deferrable floating-rate notes (A2); $25 million of class D mezzanine deferrable floating-rate notes (Baa3); $25 million of class E junior deferrable floating-rate notes (Ba3) and $49.45 million of subordinated notes.
BNP Paribas Securities Corp. is the placement agent.
The deal is collateralized mainly by broadly syndicated first-lien senior secured loans and is intended to comply with U.S. and European risk retention regulations.
Alcentra priced one new CLO and refinanced one vintage CLO in 2016.
The New York-based firm is part of BNY Alcentra Group Holdings, Inc.
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