CLO pipeline includes more than $16 billion of deals; Steele Creek, Redan Park prep CLOs

By Cristal Cody

Tupelo, Miss., April 15 - Several deals are expected to price in the collateralized loan obligation market with more than $16 billion of transactions in the pipeline, according to market sources on Tuesday.

"There are a lot of deals that are going to get done over the year," one source said.

Steele Creek Investment Management LLC is firming up details for its previously announced $350 million to $400 million CLO offering, according to an informed source.

BNP Paribas Securities Corp. is the placement agent.

Steele Creek Investment Management, a subsidiary of global advisory firm Moelis & Co. LLC, is an asset management firm based in Charlotte, N.C.

Also in the pipeline, Redan Park Asset Management LLC plans to offer a $300 million CLO deal via C&Co/PrinceRidge LLC.

Redan Park Asset Management, an asset management firm formed in 2012 to invest in high-yield loans, is owned by New York hedge fund Mead Park Holdings LP and Puerto Rico-based Doral Financial Corp.

Other firms expected to bring CLO transactions in 2014 include Eaton Vance Management and JMP Group Inc., according to market sources.

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