NewStar closes NewStar Berkeley Fund CLO; Benefit Street, Symphony, Seix, CSAM price

By Cristal Cody

Eureka Springs, Ark., Nov. 30 – NewStar Financial, Inc. announced on Wednesday that it closed on its previously reported $505.5 million NewStar Berkeley Fund CLO 2016-1 transaction that priced on Oct. 19.

The deal, the Boston-based firm’s third CLO offering of 2016, was upsized from an initial target of $400 million due to strong investor demand, according to the release.

Citigroup Global Markets Inc. was the bookrunner.

NewStar Berkeley Fund CLO 2016-1 priced $290 million of class A floating-rate notes at Libor plus 210 basis points in the AAA-rated tranche.

In other activity, Benefit Street Partners LLC priced $510.52 million of notes due Jan. 15, 2029 in a new CLO transaction, according to a market source.

Meanwhile, Symphony Asset Management LLC sold $504 million of notes due Jan. 23, 2028 in the Symphony CLO XVIII, Ltd. deal, according to a market source.

Also, Seix Investment Advisors LLC priced $309 million of notes in the firm’s first CLO offering of 2016, according to a market source.

Separately, Credit Suisse Asset Management Ltd. priced €479.14 million of notes due Jan. 15, 2030 in a euro-denominated CLO offering, according to a market source.

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