Shenkman prices $559.5 million of notes, firm’s first deal of year; Mariner closes CLO

By Cristal Cody

Tupelo, Miss., April 16 – Shenkman Capital Management, Inc. tapped the CLO market and priced a $559.5 million deal, according to a market source on Thursday.

In other activity, Mariner Investment Group, LLC announced that it closed on the $504.75 million Mariner CLO 2015-1 LLC short-duration offering that priced in March.

“We are pleased to capitalize on the strong demand in the CLO market and close on our second CLO in four months,” David Martin, co-head of Mariner’s corporate credit team, said in a news release.

Mariner Investment Group brought its first CLO deal in December.

The alternative asset management firm is based in New York City.

Shenkman prices CLO

Shenkman Capital Management priced $559.5 million of notes due April 15, 2027 in the firm’s first CLO offering of the year, according to a market source.

Jackson Mill CLO Ltd./Jackson Mill CLO LLC sold $352 million of class A floating-rate notes at Libor plus 154 bps at the top of the capital structure.

Credit Suisse Securities (USA) LLC arranged the offering.

Shenkman Capital Management will manage the CLO.

The CLO has a 1.5-year non-call period and a four-year reinvestment period.

The deal is backed primarily by first-lien senior secured loans.

Proceeds from the transaction will be used to purchase a portfolio of about $550 million of primarily senior secured leveraged loans.

Shenkman, a New York-based investment firm, brought two CLO deals in 2014.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.