CBAM, Sound Point Capital, Golub Capital among CLO managers in primary market

By Cristal Cody

Tupelo, Miss., Feb. 13 – CLO manager CBAM CLO Management LLC closed on a new $601.05 million CLO offering.

The deal brings CBAM’s total CLO issuance to $9 billion since the manager closed on its first CLO in June 2017, according to a company news release.

In 2018, CBAM was the seventh largest issuer of new CLOs at $3.3 billion, while in 2017, it was the largest U.S. issuer with $5.1 billion of issuance.

Meanwhile, details emerged on a new issue CLO that Sound Point Capital Management LP priced. The CLO manager sold $508.8 million of notes in the transaction.

Also in primary action, Golub Capital priced $444.2 million of notes in a new broadly syndicated CLO deal.

CBAM closes deal

CBAM CLO Management priced and closed on $601.05 million of notes due Feb. 12, 2030 in the offering, according to a market source and a company news release.

CBAM 2019-9, Ltd./CBAM 2019-9 LLC sold $384 million of class A floating-rate notes at Libor plus 128 basis points in the senior tranche.

Barclays was the placement agent.

CBAM CLO Management priced five CLOs in 2018.

The New York City-based portfolio company of private investment firm Eldridge Industries placed three $1 billion-plus CLO transactions in 2017.

Sound Point prices

Sound Point Capital Management sold $508.8 million of notes due Jan. 20, 2032 in the new Sound Point CLO XXII, Ltd. transaction, according to a market source.

The CLO priced $305 million of the class A floating-rate notes at Libor plus 137 bps.

BofA Merrill Lynch was the placement agent.

The deal is collateralized mostly by broadly syndicated first-lien senior secured corporate loans.

Sound Point Capital is an asset management firm based in New York.

Golub raises $444.2 million

Golub Capital priced $444.2 million of notes due Jan. 25, 2032 in the Golub Capital Partners CLO 40(B), Ltd./Golub Capital Partners CLO 40(B), LLC transaction, according to market sources.

At the top of the capital stack, the CLO sold $207.5 million of class A-1 floating-rate notes at Libor plus 140 bps and $8.9 million of class A-2 floating-rate notes at Libor plus 175 bps.

MUFG was the placement agent.

Golub affiliate OPAL BSL LLC will manage the CLO.

The CLO is backed mainly by broadly syndicated first-lien senior secured term loans.

The middle market lender is based in New York.

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