| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers M > Headlines for Mariner Investment Group, LLC > News item |
CLO issuance ‘decent,’ pipeline steady through December; Cutwater preps firm’s second deal
By Cristal Cody
Tupelo, Miss., Dec. 12 – The near-term deal pipeline in the collateralized loan obligation market continues to fill with issuance expected ahead of year-end, according to market sources on Friday.
“Issuance remains decent, which is a hint in terms of how strong it is,” one source said. “There’s stuff they’re trying to squeak out by year-end.”
Cutwater Investor Services Corp. plans to price the firm’s second CLO transaction, according to a market source.
CLO managers including GSO/Blackstone Debt Funds Management LLC, Highbridge Principal Strategies LLC and Mariner Investment Group, LLC also are in the deal pipeline, sources said.
More than $149 billion of CLOs have priced in the U.S. and European primary markets year to date, according to data compiled by Prospect News.
Cutwater organizes CLO
Cutwater Investor Services plans to price $411.5 million of notes due Jan. 15, 2027 in the CLO transaction, according to a market source.
The Cutwater 2014-II, Ltd./Cutwater 2014-II, LLC offering includes $258.1 million of class A-1 floating-rate notes (//AAA); $38.8 million of class A-2 floating-rate notes; $25.6 million of class B floating-rate notes; $23.3 million of class C floating-rate notes; $22.8 million of class D floating-rate notes; $42.9 million of subordinated notes.
Natixis Securities Americas LLC is the placement agent.
Proceeds from the deal will be used to purchase a portfolio of about $400 million of leveraged loans.
Cutwater Investor Services previously priced the $415.4 million Cutwater 2014-I, Ltd./Cutwater 2014-I, LLC transaction on July 8.
The investment management firm is based in New York City.
© 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.