Invesco, Canyon Capital Advisors in pipeline; MCF plans $405.96 million middle-market CLO

By Cristal Cody

Tupelo, Miss., Oct. 15 – The CLO deal pipeline is filling up for October and late fall, according to market sources on Wednesday.

Additional details for Invesco Senior Secured Management, Inc.’s upcoming $512.5 million Limerock CLO III Ltd./Limerock CLO III LLC offering via Credit Suisse Securities (USA) LLC emerged.

The CLO deal includes $315 million of class A-1 senior secured floating-rate notes (Aaa); $35.5 million of class A-2a senior secured floating-rate notes (Aa2); $20 million of class A-2b senior secured fixed-rate notes (Aa2); $25 million of class B deferrable floating-rate notes (A2); $33 million of class C deferrable floating-rate notes (Baa3); $31.5 million of class D deferrable floating-rate notes (Ba3); $12.5 million of class E deferrable floating-rate notes (B3) and $40 million of subordinated notes.

The deal will be Invesco Senior Secured Management’s third CLO offering of the year.

Also in the pipeline, Canyon Capital Advisors LLC plans to price $408 million of notes due Jan. 20, 2027 in the Canyon Capital CLO 2014-2, Ltd./Canyon Capital CLO 2014-2, LLC transaction, according to a market source.

The deal includes $251.2 million of class A floating-rate notes (/AAA/); $48.4 million of class B floating-rate notes (/AA/); $32 million of class C deferrable floating-rate notes (/A/); $19.6 million of class D deferrable floating-rate notes (/BBB/); $17.6 million of class E deferrable floating-rate notes (/BB/) and $39.2 million of subordinated notes.

Goldman Sachs & Co. is the placement agent.

The Los Angeles-based alternative asset manager brought its first CLO offering since 2012 in March when it priced the $415.25 million Canyon Capital CLO 2014-1, Ltd./Canyon Capital CLO 2014-1, LLC transaction.

Middle-market pipeline

In the middle-market deal pipeline, MCF Capital Management LLC plans to price $405,959,000 of notes due Oct. 15, 2025 in its first CLO offering of the year, according to a market source.

The MCF CLO IV LLC deal includes $228.5 million of class A floating-rate notes (/AAA/AAA); $34.25 million of class B floating-rate notes (/AA/); $28.5 million of class C deferrable floating-rate notes (/A/); $28.5 million of class D deferrable floating-rate notes (/BBB-/); $28.5 million of class E deferrable floating-rate notes (/BB/) and $57,709,000 of interest notes.

Wells Fargo Securities LLC is the placement agent.

MCF Capital Management, a Laguna Hills, Calif.-based middle market loan firm, brought three CLO transactions in 2013.

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