Pramerica, Ares tap markets; ACAS CLO in works; U.S., Europe deal pace on the rise

By Cristal Cody

Tupelo, Miss., July 30 – CLO managers tapped primary markets in the United States and Europe with new deals, while the deal pipeline going forward is expected to stay active, according to market sources on Thursday.

Pramerica Investment Management Ltd. priced a €415.12 million euro-denominated CLO, the firm’s second transaction of the year.

In the U.S. deal market, Ares Management LLC printed $813.6 million of notes in its second new CLO offering this year.

Coming up, American Capital CLO Management, LLC plans to price a $509.99 million CLO.

Deal activity is expected to continue over late summer and fall with CLO managers ramping up CLOs following a slow pace over June and early July, according to market sources.

“I was in London last week talking with a bunch of investors, and people are raising money,” one CLO source said. “It’s been very busy.”

Pramerica Investment Management sold €415.12 million of notes due Oct. 15, 2029 in the Dryden 39 Euro CLO 2015 BV sale, according to a market source.

Dryden 39 Euro CLO 2015 priced €221 million of class A-1 senior secured floating-rate notes at Euribor plus 135 basis points in the senior tranche.

Credit Suisse Securities (Europe) Ltd. arranged the deal.

Pramerica Investment Management will manage the CLO.

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