October CLO deal pipeline shapes up with ICG, CSAM; year-to-date volume nearly $90 billion

By Cristal Cody

Tupelo, Miss., Oct. 7 – New CLO issuance is expected in October from ICG Debt Advisors LLC and Credit Suisse Asset Management, LLC.

U.S. CLO volume year to date is nearly $90 billion, according to Prospect News data.

ICG Debt Advisors is offering $412.5 million of notes due 2028 in the manager’s second CLO deal of the year.

Also coming up in the near-term pipeline, Credit Suisse Asset Management, LLC plans to price $819.25 million of notes due Oct. 22, 2026 in the Atrium XII/Atrium XII LLC transaction. Credit Suisse Securities (USA) LLC is the placement agent.

In new primary action, Eaton Vance Management priced a $409 million CLO deal, Eaton Vance CLO 2015-1 Ltd./Eaton Vance CLO 2015-1, LLC, via Wells Fargo Securities LLC, according to a market source. Final pricing details were not available by press time.

ICG offers $412.5 million

ICG Debt Advisors plans to price $412.5 million of notes in the ICG US CLO 2015-2, Ltd./ICG US CLO 2015-2 LLC transaction, according to a market source.

The deal includes $3 million of class X senior term notes (Aaa); $256 million of class A senior term notes (Aaa); $49.25 million of B senior term notes (Aa2); $19 million of class C deferrable mezzanine term notes (A2); $23.75 million of class D deferrable mezzanine term notes (Baa3); $41.5 million of class E deferrable junior term notes (Ba3) and $41.5 million of subordinated notes.

Morgan Stanley & Co. LLC is the placement agent.

ICG Debt Advisors will manage the CLO.

The CLO has a non-call period that ends in 2018 and a reinvestment period that ends in 2020.

The transaction will be structured to comply with European risk retention regulations.

The deal is backed primarily by a portfolio of broadly syndicated first-lien senior secured corporate loans and eligible investments. The CLO does not allow for the purchase of assets including structured finance, synthetics, zero coupon prefunded letters of credit and equities.

ICG Debt Advisors previously was in the primary market on June 11 with the $410.75 million ICG US CLO 2015-1, Ltd./ICG US CLO 2015-1 LLC deal. The CLO manager brought to market three CLO transactions in 2014.

The New York-based firm is a U.S. subsidiary of London-based parent company Intermediate Capital Group plc.

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