LCM prices $617.5 million CLO; Carlyle upsizes; AAAs price at Libor plus 140-147 bps area

By Cristal Cody

Tupelo, Miss., July 16 – Details emerged on new transactions brought from CLO managers LCM Asset Management LLC and Carlyle Investment Management LLC.

LCM Asset Management was in the primary market with a $617.5 million deal.

Carlyle Investment Management priced a $589.59 million CLO, upsized from $513 million.

LCM prices $617.5 million

LCM Asset Management sold $617.5 million of notes due July 20, 2027 in the LCM XIX LP/LCM XIX LLC CLO deal, according to a market source.

The CLO sold $363 million of class A floating-rate notes at Libor plus 147 basis points at the top of the capital stack.

Morgan Stanley & Co. LLC was the placement agent.

LCM Asset Management is the CLO manager.

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

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

LCM has priced one new CLO and refinanced a vintage 2012 CLO year to date.

The New York City-based asset management firm brought three CLO transactions in 2014.

Carlyle upsizes

Carlyle Investment Management priced an upsized $589.59 million CLO offering of notes due July 20, 2028, according to a market source.

Carlyle Global Market Strategies CLO 2015-3, Ltd./Carlyle Global Market Strategies CLO 2015-3 LLC sold $262.25 million of class A-1 senior secured floating-rate notes at Libor plus 140 bps in the AAA-rated slice.

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

Carlyle Investment Management is the CLO manager.

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

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

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

Carlyle Investment Management has priced two U.S. broadly syndicated CLOs and one middle-market CLO year to date.

The asset management firm is an affiliate of the Washington, D.C.-based Carlyle Group.

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