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CLO managers bring deals; HarbourView prices $414 million debut post-financial crisis CLO
By Cristal Cody
Tupelo, Miss., Oct. 16 – While investment-grade bond issuers have taken a break from primary activity over the week, the CLO market has found more interest in new issuance, according to market sources on Thursday.
HarbourView Asset Management Corp. priced $414 million of notes due Nov. 18, 2026 in the firm’s first post-financial crisis deal, a market source said.
The HarbourView CLO VII, Ltd./HarbourView CLO VII LLC vehicle priced $228 million of class A-1 senior secured floating-rate notes at Libor plus 160 basis points at the top of the capital structure.
At the bottom of the capital stack, the CLO sold $22 million of class E deferrable floating-rate notes at Libor plus 513 bps.
Jefferies LLC arranged the offering.
HarbourView Asset Management, a subsidiary of New York-based OppenheimerFunds Inc., previously brought a CLO transaction in 2006.
In other new issuance, Invesco Senior Secured Management, Inc. priced $512.5 million of notes in the Limerock CLO III Ltd./Limerock CLO III LLC deal via Credit Suisse Securities (USA) LLC, a source said. Final pricing details were not available by press time.
Also, MCF Capital Management LLC brought a $405.96 million middle-market CLO transaction, according to a market source.
The firm priced $406 million of notes in the MCF CLO IV LLC deal. Wells Fargo Securities LLC was the placement agent. Final details were not immediately available.
More than $100 billion of CLOs have priced year to date and total issuance is projected at up to $125 billion for the year, according to market participants.
No reduction is expected in 2015 primary activity. Moody’s Investors Service said in a report that market participants project CLO issuance in the upcoming year at $100 billion to $125 billion.
“The positive momentum in the market place, including increased investor base and ample supply of leveraged loan collateral, will drive demand,” Moody’s said.
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