LCM offers $408 million CLO; Triumph prices; non-high-grade secondary trading volume up

By Cristal Cody

Eureka Springs, Ark., Sept. 14 – LCM Asset Management LLC is in the CLO deal pipeline with the firm’s second offering of the year.

The CLO manager is marketing a $408 million seven-part transaction.

In new issue activity, pricing details emerged on Triumph Capital Advisors, LLC’s new $409 million CLO offering.

In the secondary market on Tuesday, $122.9 million traded in 40 high-grade CBO/CDO/CLO issues, while $253.6 million traded in 49 non-investment-grade CBO/CDO/CLO securities, according to Trace.

During Monday’s session, secondary trading volume totaled $58 million from 21 high-grade issues and $41 million from 16 non-investment-grade securities.

In its deal, LCM Asset Management plans to price $408 million of notes due Oct. 15, 2028 in the LCM XXII LP/LCM XXII LLC CLO offering, according to a market source.

The Rule 144A-eligible deal includes $2.4 million of class X floating-rate notes (//AAA); $252 million of class A-1 floating-rate notes (//AAA); $52 million of class A-2 floating-rate notes; $28 million of class B floating-rate notes; $20 million of class C floating-rate notes; $16 million of class D floating-rate notes and $37.6 million of subordinated notes.

Natixis Securities Americas LLC is the placement agent.

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

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

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