CSAM brings $775.01 million CLO; CIFC prices fourth deal of year; Alcentra downsizes

By Cristal Cody

Tupelo, Miss., Aug. 25 – Details emerged on new CLO issuance brought by Credit Suisse Asset Management, LLC and CIFC Asset Management LLC.

Credit Suisse Asset Management priced an upsized $775.01 million deal.

CIFC Asset Management brought $512.8 million of notes in its fourth new CLO offering of the year.

In other new issuance, Alcentra NY LLC priced a downsized $443 million CLO transaction, according to a market source.

Alcentra originally planned to offer $514.45 million of notes due Oct. 20, 2027 in the Shackleton 2015-VIII CLO, Ltd./Shackleton 2015-VIII CLO, LLC transaction.

Final pricing details were not available by press tine, but the AAA-rated tranche priced at Libor plus 151 basis points, the source said.

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

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

CSAM upsizes

Credit Suisse Asset Management priced a $775.01 million CLO deal, upsized from $620 million, according to a market source.

Madison Park Funding XVIII Ltd./Madison Park Funding XVIII LLC sold $453.75 million of class A senior secured floating-rate notes (Aaa/AAA) at Libor plus 147 bps at the top of the capital structure.

Morgan Stanley & Co. LLC arranged the deal.

Credit Suisse Asset Management will manage the CLO.

The notes are due Oct. 20, 2026.

Credit Suisse Asset Management has priced two U.S. CLOs and refinanced one vintage CLO year to date.

The firm is a unit of Credit Suisse Group AG.

CIFC prices $512.8 million

CIFC Asset Management priced $512.8 million of notes due 2027 in the CIFC Funding 2015-IV, Ltd./CIFC Funding 2015-IV, LLC deal, according to a market source.

The CLO sold $287.2 million of class A-1a floating-rate notes at Libor plus 144 bps in the AAA-rated tranche.

Citigroup Global Markets Inc. was the placement agent.

CIFC Asset Management will manage the CLO.

Parent company CIFC Corp. said on Aug. 7 that it planned to price its first risk retention-compliant CLO deal before the end of the year.

CIFC Asset Management has priced four CLOs and refinanced one vintage CLO year to date.

The New York-based credit manager priced four CLOs in 2014.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.