Seix, CVC, GC Investment lead U.S. CLO pricing action; Banco Santander brings Spanish CDO

By Cristal Cody

Tupelo, Miss., May 19 – Primary action in the CLO market remains moderately steady with new U.S. dollar- and euro-denominated deals, according to market sources on Tuesday.

Seix Investment Advisors LLC priced a $565.5 million CLO offering.

CVC Credit Partners, LLC brought a $512.9 million deal.

GC Investment Management LLC raised $458,325,000 in a broadly syndicated CLO transaction.

“U.S. supply volume has slowed over the past three weeks averaging $1.7 billion per week compared to the $2.9 billion weekly average from February to April,” J.P. Morgan Securities LLC analysts said in a market note. “The pickup in loan issuance is easing some of the pressure on CLO warehousing and ramp-up.”

In other market action, Banco Santander SA priced €3,753,800,000 of pass-through certificates in a deal backed by loans to small and medium-sized enterprises and self-employed individuals in Spain.

Seix sells $565.5 million CLO

Seix Investment Advisors priced $565.5 million of notes due 2027 in a CLO offering, according to a market source.

Mountain View CLO 2015-1, Ltd./Mountain View CLO 2015-1, Corp. sold $326.4 million of class A-1A floating-rate notes at Libor plus 146 basis points at the top of the capital structure.

Citigroup Global Markets Inc. was the placement agent.

Seix Investment Advisors will manage the CLO.

The CLO manager priced one broadly syndicated CLO in 2013 and one deal in 2014.

The Upper Saddle River, N.J.-based firm is indirectly owned by SunTrust Banks Inc.

CVC places Apidos CLO XXI

CVC Credit Partners priced $512.9 million of notes due July 18, 2027 in the Apidos CLO XXI/Apidos CLO XXI LLC deal, according to a market source.

The CLO sold $315 million of class A-1 floating-rate notes at Libor plus 143 bps in the senior tranche.

J.P. Morgan Securities LLC was the placement agent.

CVC Credit Partners will manage the CLO.

The CLO has a three-year non-call period and a five-year reinvestment period.

The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.

Proceeds from the offering will be used to purchase a portfolio of about $500 million of mainly senior secured leveraged loans.

CVC Credit Partners previously was in the market with the $509.25 million Apidos CLO XX/Apidos CLO XX LLC deal on Jan. 15 and a $370.8 million refinancing of the Apidos CLO IX/Apidos CLO IX LLC transaction on March 27.

New York City-based CVC Credit Partners, a subsidiary of London-based CVC Capital Partners Ltd., placed three CLOs in 2014.

GC Investment brings BSL CLO

GC Investment Management priced $458,325,000 of notes due May 5, 2027 in a broadly syndicated CLO offering, according to a market source.

Golub Capital Partners CLO 23 (B) Ltd./Golub Capital Partners CLO 23 (B) LLC sold $263 million of class A-1 floating-rate notes at Libor plus 148.5 bps at the top of the structure.

Wells Fargo Securities LLC arranged the transaction.

GC Investment Management will manage the CLO.

The CLO has a two-year non-call period and a four-year reinvestment period.

The transaction is backed primarily by first-lien senior secured corporate loans.

Proceeds from the deal will be used to purchase a portfolio of about $450 million of mostly senior secured leveraged loans.

GC Investment Management is an affiliate of New York-based middle market lender Golub Capital.

Banco Santander taps market

Banco Santander sold €3,753,800,000 of pass-through certificates due Aug. 25, 2059, according to a market source.

FTA Pymes Santander 11 priced €2,681,300,000 of series A notes at Euribor plus 25 bps, €893.7 million of series B notes at Euribor plus 50 bps and €178.8 million of series C notes at Euribor plus 65 bps.

Banco Santander arranged the deal.

Santander de Titulizacion S.G.F.T., SA will manage the transaction.

The deal is secured by a portfolio of bank loans originated by Banco Santander to small and medium-sized enterprises and self-employed individuals in Spain.

The Madrid, Spain-based global bank priced two SME CDO transactions in 2014.

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