Alcentra brings $508 million CLO deal; benchmark AAAs unchanged in secondary market

By Cristal Cody

Tupelo, Miss., April 6 – In new primary issuance, Alcentra NY LLC priced a $508 million CLO offering, according to details from a market source on Monday.

The deal brings year-to-date global CLO issuance to about $35 billion of notes priced in 67 deals, according to data compiled by Prospect News.

CLO notes were generally unchanged in the secondary market, trading flat over most of March and the first week of April, a market source said.

Benchmark AAAs were unchanged at Libor plus 90 basis points, while benchmark BB notes traded flat at Libor plus 510 bps.

Alcentra NY prices CLO

Alcentra NY priced $508 million of notes due April 15, 2027 in a CLO deal, according to a market source.

The Shackleton 2015-VII CLO, Ltd./Shackleton 2015-VII CLO, LLC vehicle sold $320 million of class A secured floating-rate notes at Libor plus 154 bps at the top of the capital structure.

Credit Suisse Securities (USA) LLC arranged the deal.

Alcentra will manage the CLO.

The notes are non-callable until Oct. 15, 2016. The reinvestment period on the CLO ends April 15, 2019.

The offering is backed primarily by a revolving pool of broadly syndicated senior secured loans.

New York-based Alcentra, part of BNY Alcentra Group Holdings, Inc., priced two U.S. CLO transactions in 2014.

© 2015 Prospect News.
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