Anchorage, Silvermine price; NewStar brings middle-market CLO; BBs firm in secondary

By Cristal Cody

Tupelo, Miss., March 16 – More than $4 billion of CLOs have priced in March, including new deals from Anchorage Capital Group, LLC, Silvermine Capital Management LLC and NewStar Financial, Inc., according to market sources.

Anchorage Capital Group priced an upsized $569.93 million CLO deal and placed the AAA tranche of notes at Libor plus 154 basis points.

Silvermine Capital Management tapped the market with a $512.4 offering and priced the AAA slice at Libor plus 155 bps.

NewStar Financial brought a $496.1 million middle-market CLO. The AAA notes priced at Libor plus 180 bps.

In the secondary market, CLO spreads tightened marginally by 10 bps in BB notes over the previous week, BofA Merrill Lynch analysts said in a market note.

“Secondary market activity was moderate in the U.S. this week with BWIC volumes totaling just over $650 million concentrated once again in post-crisis deals,” the analysts said.

European CLO secondary market volumes were strong with nearly €300 million on the BWIC lists, BofA Merrill Lynch said.

Euro CLO spreads tightened by about 20 bps for 2.0 BB deals.

Anchorage Capital Group priced an upsized $569.93 million nine-tranche CLO deal, according to a market source.

Anchorage Capital CLO 6, Ltd./Anchorage Capital CLO 6, LLC sold $310.75 million of class A-1 senior secured floating-rate notes at Libor plus 154 bps at the top of the capital structure.

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