Pramerica reopens CLO; Crescent Capital, Silvermine price; vintage CLOs stable to better

By Cristal Cody

Tupelo, Miss., Sept. 9 – Pramerica Investment Management Ltd., Crescent Capital Group LP and Silvermine Capital Management LLC brought new CLO issuance, while vintage CLOs were quoted flat to 10 basis points better in secondary trading, according to sources on Tuesday.

Pramerica Investment Management sold €201.88 million of notes in a reopening of the Dryden XXVII Euro CLO 2013 BV deal that first priced in 2013, according to an informed source.

The CLO priced €46 million of 2.3% class A-1A senior secured fixed-rate notes and €67 million of class A-1B senior secured floating-rate notes at Euribor plus 135 bps at the top of the capital structure.

Barclays Bank plc arranged the offering.

Pramerica Investment Management sold €300 million of notes in the original transaction that priced in April 2013. The total outstanding is €501.88 million.

The transaction marks the first post-financial crisis European CLO to price an add-on, according to Fitch Ratings.

London-based Pramerica is the leveraged finance arm of Prudential Financial, Inc.

In U.S. primary action, Crescent Capital Group priced $564.12 million of notes in the Atlas Senior Loan Fund VI Ltd./Atlas Senior Loan Fund VI LLC deal, a source said.

The CLO priced the $340.45 million AAA tranche of notes at Libor plus 154 bps.

Deutsche Bank Securities Inc. arranged the offering.

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