Highbridge organizes $513.5 million CLO deal; near-term U.S., Europe primary action eyed

By Cristal Cody

Tupelo, Miss., June 25 – The CLO summer deal pipeline remains steady with a $513.5 million offering in the works from Highbridge Principal Strategies LLC, according to a market source on Wednesday.

More than $11 billion of CLO transactions are in the pipeline with issuance expected near term in the U.S. and European primary markets, sources said.

H.I.G. Capital, LLC plans to bring the $414.25 million WhiteHorse IX Ltd./WhiteHorse IX LLC CLO deal. BofA Merrill Lynch is the placement agent.

In Europe, Pramerica Investment Management Ltd. is expected to price a €417 million CLO transaction via Barclays Bank plc, according to an informed source.

Highbridge Principal Strategies plans to price $513.5 million of notes due July 28, 2026 in the CLO deal, according to a market source.

The Highbridge Loan Management 4-2014 Ltd./Highbridge Loan Management 4-2014 LLC transaction includes $310 million of class A-1 floating-rate notes (/AAA/); $42 million of class A-2A floating-rate notes (/AA/); $20 million of class A-2B fixed-rate notes (/AA/); $38 million of class B deferrable floating-rate notes (/A/); $27.5 million of class C deferrable floating-rate notes (/BBB/); $22 million of class D deferrable floating-rate notes (/BB/); $9.5 million of class E deferrable floating-rate notes (/B/) and $44.5 million of subordinated notes.

BofA Merrill Lynch is the placement agent.

Highbridge Principal Strategies will manage the CLO.

The CLO will have a two-year non-call period and a four-year reinvestment period.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.