Arrowpoint prices CLO AAAs at Libor plus 175 bps; American Capital talks of more deals

By Cristal Cody

Tupelo, Miss., July 9 – Arrowpoint Asset Management LLC brought a $150 million offering of collateralized loan obligation notes, according to a market source on Wednesday.

The CLO priced $72.15 million of class A floating-rate notes (/AAA/) at Libor plus 175 basis points.

The Denver-based investment advisor arm of Meridian Funds was last in the primary market in February with the $460.25 million Arrowpoint CLO 2014-2 Ltd./Arrowpoint CLO 2014-2 Corp. deal.

More than $73.3 billion of CLOs have priced in the U.S. and European markets year to date, according to data compiled by Prospect News.

In other CLO market activity, American Capital, Ltd. announced on Wednesday that affiliate ACAS CLO 2014-1, Ltd. closed on the previously reported June 6 sale of $618.75 million of CLO bonds.

“We are pleased to announce the closing of our fifth CLO under management,” Mark Pelletier, president of American Capital CLO Management and president of American Capital Senior Floating, Ltd., said in the release.

“With this new CLO, the leveraged finance group now manages approximately $4 billion of assets, including publicly traded American Capital Senior Floating, Ltd.,” he said. “CLO investors are very focused on manager performance, and we believe our track record will help us raise additional CLOs.”

ACAS CLO 2014-1 priced $374 million of class A floating-rate notes (Aaa/AAA/) at Libor plus 151 bps at the top of the capital structure.

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