CIFC, GoldenTree, Denali, Steele Creek price; AAAs come 150 bps-160 bps range; AAs tighten

By Cristal Cody

Tupelo, Miss., March 18 – New CLO issuance from CIFC Asset Management LLC, GoldenTree Asset Management LP, Crestline Denali Capital, LP and Steele Creek Investment Management LLC pushed year-to-date volume to more than $21 billion, according to market sources.

Steele Creek Investment Management priced a $360.98 million transaction, while GoldenTree Asset Management brought a $553.05 million CLO offering.

Crestline Denali Capital raised $413.68 million of notes in a CLO deal.

CIFC Asset Management upsized its CLO offering to price $614.2 million of notes.

In the secondary market, CLO spreads were mostly unchanged, while AA notes have tightened about 10 bps since early March, a market source said.

CIFC upsizes

CIFC Asset Management priced an upsized $614.2 million of notes due April 20, 2027 in a nine-tranche CLO deal, according to a source.

CIFC Funding 2015-I, Ltd./CIFC Funding 2015-I, LLC sold $340 million of class A-1 senior secured floating-rate notes at Libor plus 152 bps in the senior slice.

BNP Paribas Securities Corp. arranged the offering.

The transaction was upsized from $563.1 million.

CIFC Asset Management will manage the CLO.

CIFC Funding brought four CLO deals in 2014. The firm refinanced $290.3 million of notes in the CIFC Funding 2011-I, Ltd./CIFC Funding 2011-I, LLC transaction on Jan. 9.

New York City-based CIFC Asset Management is a subsidiary of CIFC Corp.

GoldenTree brings CLO

GoldenTree Asset Management priced a $553.05 million seven-tranche CLO offering, according to a market source.

GoldenTree Loan Opportunities XI Ltd./GoldenTree Loan Opportunities XI, LLC placed $340 million of class A floating-rate notes at Libor plus 150 bps in the senior tranche.

GreensLedge Capital Markets LLC was the placement agent.

GoldenTree Asset Management will manage the CLO.

The New York City-based private investment firm priced three CLO deals in 2014.

Crestline Denali taps market

Crestline Denali Capital priced $413.68 million of notes due March 20, 2027 in the seven-part Denali Capital CLO XI, Ltd./Denali Capital CLO XI, LLC transaction, according to a market source.

The CLO sold $253.5 million of class A-1 senior secured floating-rate notes at Libor plus 157 bps at the top of the capital stack.

Natixis Securities Americas LLC was the placement agent.

Crestline Denali Capital will manage the CLO.

The CLO manager was formed in 2014 by alternative investment manager Crestline Investors, Inc. of Fort Worth, Texas, and Denali Capital LLC, an Oak Brook, Ill.-based commercial loan asset management firm.

Steele Creek prices

Steele Creek Investment Management priced a $360.98 million seven-part CLO transaction, according to a market source.

Steele Creek CLO 2015-1 Ltd./Steele Creek CLO 2015-1, LLC sold $222.25 million of class A floating-rate notes at Libor plus 160 basis points at the top of the capital structure.

BNP Paribas Securities Corp. was the placement agent.

Steele Creek Investment Management will manage the CLO.

Steele Creek Investment Management brought one deal in 2014.

The Charlotte, N.C.-based asset management firm is a subsidiary of global advisory firm Moelis & Co. LLC.

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