PGIM prices $509.35 million; Angelo Gordon brings new CLO; leveraged loans log outflows

By Cristal Cody

Tupelo, Miss., Nov. 2 – PGIM, Inc. came to the primary market with a new $509.35 million CLO offering.

The deal is the CLO manager’s seventh U.S. dollar-denominated CLO transaction priced this year.

Angelo, Gordon & Co., LP also priced $502.6 million of notes in a new CLO.

More than $100 billion of new issue CLOs have priced year to date, according to market sources.

In other market activity, leveraged loans posted a $790 million outflow this week in the largest outflow since December 2015 after a flat reading in the previous week, according to a BofA Merrill Lynch research note released on Friday.

Fitch Ratings said in a report on Friday that on the demand side there were big outflows from both leveraged loan and high-yield bond funds over the past week.

In its deal, PGIM priced $509.35 million of notes due Jan. 17, 2032 in the new CLO deal.

Dryden 61 CLO, Ltd. sold $315 million of class A-1 floating-rate notes at Libor plus 116 basis points at the top of the capital structure.

Meanwhile, Angelo Gordon priced $502.6 million of notes due Nov. 13, 2031 in the Northwoods Capital XIV-B, Ltd./Northwoods Capital XIV-B, LLC transaction.

The CLO sold $320 million of the class A floating-rate notes at Libor plus 130 bps.

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