Shenkman brings second CLO deal; Ivy Hill prints; Banif-Banco prices €812.8 million

By Cristal Cody

Tupelo, Miss., July 23 – Shenkman Capital Management, Inc. tapped the CLO primary market with a $412.5 million deal, the firm’s second CLO offering of the year.

Also, details emerged on Ivy Hill Asset Management, LP’s $384.65 million middle market-backed CLO transaction.

In the euro-denominated primary market, Banif-Banco Internacional do Funchal, SA priced a €812.8 million SME CLO deal.

Shenkman sells $412.5 million

Shenkman Capital Management priced $412.5 million of notes due July 20, 2027 in the Jefferson Mill CLO Ltd./Jefferson Mill CLO LLC offering, according to a market source.

The CLO sold $231 million of class A-1 floating-rate notes (Aaa expected//AAA) at Libor plus 150 basis points in the AAA-rated slice.

BofA Merrill Lynch arranged the offering.

Shenkman Capital Management will manage the CLO.

The CLO has a three-year non-call period and a five-year reinvestment period.

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

Proceeds from the transaction will be used to purchase a portfolio of about $400 million of primarily senior secured leveraged loans.

Shenkman Capital Management previously was in the primary market with the Jackson Mill CLO Ltd./Jackson Mill CLO LLC deal on April 16.

The New York-based investment firm brought two CLO transactions in 2014.

Ivy Hill places CLO

Ivy Hill Asset Management priced $384.65 million of notes due July 24, 2027 in a middle market-backed CLO transaction, according to a source.

Ivy Hill Middle Market Credit Fund X, Ltd. sold $207.3 million of class A-1 floating-rate notes (Aaa expected/AAA) at Libor plus 175 bps in the senior tranche.

Citigroup Global Markets Inc. was the placement agent.

Ivy Hill Asset Management will manage the CLO.

The notes are non-callable until July 18, 2017. The reinvestment period ends July 18, 2019.

The CLO is backed by senior secured loans to middle market obligors.

Ivy Hill is a New York-based subsidiary of Ares Capital Corp.

Banif-Banco prices SME CLO

Banif-Banco Internacional do Funchal brought €812.8 million of notes due Jan. 28, 2044 in a SME CLO transaction, according to a market source.

Gamma-Sociedade de Titularizacao de Creditos, SA Atlantes SME No. 5 sold €440 million of class A asset-backed floating-rate notes (A3/A-) at Euribor plus 160 bps at the top of the capital structure.

StormHarbour Securities LLP and Banif-Banco Internacional do Funchal were the joint arrangers.

Banif-Banco Internacional will manage the SME CLO.

The deal is backed by secured and unsecured current accounts and term loans that Banif-Banco Internacional originated and granted to small and midsize companies in Portugal.

Banif-Banco Internacional is a Funchal, Portugal-based bank and financial services group.

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