Cutwater prices $415.4 million CLO; CVC, 40|86 bring deals; Prudential refinances CLO

By Cristal Cody

Tupelo, Miss., July 10 – The CLO market saw new deals from Par-Four Investment Management, LLC, Cutwater Investor Services Corp., CVC Credit Partners, LLC and 40|86 Advisors Inc., according to market sources on Thursday.

In addition, Prudential Investment Management, Inc. refinanced a vintage 2012 CLO, its second refinancing of the year, sources said.

Less than $10 billion of transactions are in the near-term pipeline, a market source said.

New York City-based Voya Alternative Asset Management LLC has a $517.5 million deal in the works, the Voya CLO 2014-3, Ltd./Voya CLO 2014-3 LLC vehicle, via BofA Merrill Lynch, according to a market source.

In the primary market, final details of Par-Four Investment’s Tralee CLO III, Ltd./Tralee CLO III, LLC offering via Deutsche Bank Securities Inc. were not available by press time.

Cutwater priced $415.4 million of notes in the company’s first CLO deal, Cutwater 2014-I, Ltd./Cutwater 2014-I, LLC, via Natixis Securities Americas LLC, according to a market source.

The New York City-based firm sold $216.6 million of AAA-rated notes at Libor plus 152 basis points at the top of the structure.

CVC Credit Partners, the credit management arm of London-based private equity firm CVC Capital Partners Ltd., priced the $733.6 million Apidos CLO XVIII/Apidos CLO XVIII LLC deal, an informed source.

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