Marathon prices $503.25 million; Symphony prints CLO; Golub brings middle-market deal

By Cristal Cody

Tupelo, Miss., June 18 – Details emerged on new CLO transactions priced in both the broadly syndicated and middle-market spaces.

Marathon Asset Management LP priced $503.25 million of notes in the manager’s first broadly syndicated CLO offering of the year.

Symphony Asset Management LLC sold $407 million of notes in its second CLO transaction issued in 2019.

In the middle-market space, Golub Capital affiliate GS Investment Management LLC priced $805.5 million of loans and notes in a new middle-market CLO deal set to close on Friday.

Year to date, about $50 billion of broadly syndicated CLOs and nearly $7 billion of middle-market CLOs have priced, according to market sources.

In other activity, secondary market volume was moderate in the previous session. About $128.43 million of high-grade CBO/CDO/CLO issues and $39.64 million of lower-rated issues traded, according to Trace data.

The high-grade securities had an average trading price of 99.60, while the non-high-grade CBO/CDO/CLO issues traded at an average 95.50 trading price on Monday.

Marathon places CLO

Marathon Asset Management sold $503.25 million of notes due April 15, 2032 in the new CLO offering, according to market sources.

At the top of the capital stack, Marathon CLO XIII Ltd./Marathon CLO XIII LLC priced $300 million of class A-1A senior secured floating-rate notes at Libor plus 152 basis points.

MUFG was the placement agent.

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

Marathon was last in the primary market when it issued the $460 million Marathon CLO XII Ltd./Marathon CLO XII LLC transaction on Oct. 11.

The CLO manager priced two new CLOs in 2018.

Marathon Asset Management is a global credit manager based in New York City.

Symphony raises $407 million

Symphony Asset Management sold $407 million of notes in the new broadly syndicated Symphony CLO XXI, Ltd. transaction, according to a market source.

The CLO priced $256 million of the class A senior floating-rate notes due July 15, 2032 at Libor plus 138 bps.

BNP Paribas Securities Corp. arranged the transaction.

The transaction is collateralized primarily by first-lien senior secured loans and eligible investments.

Symphony Asset Management has issued two dollar-denominated CLOs year to date.

The asset management firm and subsidiary of Nuveen LLC is based in San Francisco.

Golub prices $805.5 million

In the middle-market deal, GS Investment Management priced $805.5 million of loans and notes in the Golub Capital Partners CLO 44(M) Ltd./Golub Capital Partners CLO 44(M) LLC transaction, according to market sources.

The CLO sold $317 million of the class A-1 floating-rate notes due June 21, 2031 at Libor plus 167 bps.

Natixis Securities Americas LLC was the placement agent.

The offering is collateralized primarily by middle-market senior secured term loans.

Golub Capital is a New York-based middle market lender.

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