Neuberger, Crestline Denali, TIAA, GSO/Blackstone price CLOs; U.S. volume tops $40 billion

By Cristal Cody

Eureka Springs, Ark., Sept. 13 – Details emerged on several new CLO transactions priced in the U.S. primary markets.

Neuberger Berman Investment Advisers LLC priced a $409 million deal.

Crestline Denali Capital, LP brought a $360.98 million CLO.

TIAA Advisory Services LLC tapped the CLO middle market with a $382.19 million transaction.

GSO/Blackstone Debt Funds Management LLC sold $508.9 million of notes in a new CLO offering.

Prudential Investment Management, Inc. was in the primary market with a $659.1 million transaction.

More than $41 billion of U.S. CLOs have priced year to date, according to Prospect News data.

Neuberger Berman prices

Neuberger Berman Investment Advisers priced $409 million of notes due Oct. 17, 2027 in the Neuberger Berman CLO XXII, Ltd./Neuberger Berman CLO XXII, LLC deal, according to a market source.

The CLO sold $248 million of class A senior secured floating-rate notes (Aaa/AAA) at Libor plus 145 basis points in the senior tranche.

BofA Merrill Lynch arranged the transaction.

The deal is backed predominantly by broadly syndicated first-lien senior secured corporate loans.

Neuberger has priced one new CLO and refinanced tranches from two vintage CLOs year to date.

The Chicago-based firm, part of Neuberger Berman Group, LLC, brought two CLO transactions to market in 2015.

Crestline Denali prices

Crestline Denali Capital sold $360.98 million in its CLO offering of notes due Oct. 23, 2028, according to a market source.

Crestline Denali CLO XIV, Ltd./Crestline Denali CLO XIV LLC sold $222.25 million of class A senior secured floating-rate notes at Libor plus 157 bps at the top of the capital stack.

BNP Paribas Securities Corp. was the placement agent.

The CLO is backed entirely by first-lien senior secured loans and will have a two-year non-call period and a four-year reinvestment period.

Proceeds from the deal will be used to purchase a portfolio of about $350 million of primarily first-lien senior secured leveraged loans.

Crestline Denali has priced two CLO deals year to date.

The asset management firm is based in Oak Brook, Ill.

TIAA taps middle market

TIAA Advisory Services brought a $382.19 million middle-market offering, a source said.

TIAA Churchill Middle Market CLO 2016-1 priced $212 million of class A floating-rate notes at par with a coupon of Libor plus 215 bps in the AAA-rated tranche.

Wells Fargo Securities LLC was the placement agent.

The financial services company is based in New York City.

GSO/Blackstone taps market

GSO/Blackstone Debt Funds Management priced $508.9 million of notes due Oct. 20, 2027 in the deal, according to a market source.

Jay Park CLO Ltd./Jay Park CLO LLC sold $307.2 million of class A-1 senior secured floating-rate notes (Aaa/AAA) at Libor plus 145 bps at the top of the capital structure.

Citigroup Global Markets Inc. was the placement agent.

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

GSO/Blackstone has priced two U.S. CLO deals year to date.

GSO/Blackstone brought six U.S. CLO deals and one refinancing transaction to market in 2015.

The New York City-based firm is a subsidiary of alternative asset manager GSO Capital Partners LP.

Prudential sells CLO

Prudential Investment Management sold $659.1 million of notes due July 20, 2027 in the Dryden 45 Senior Loan Fund/Dryden 45 Senior Loan Fund LLC deal, according to details from a market source.

The $403 million tranche of class A senior secured floating-rate notes priced at par with a coupon of Libor plus 145 bps.

Wells Fargo Securities LLC was the placement agent.

Prudential affiliate PGIM, Inc. will manage the CLO.

The offering is collateralized primarily by first-lien senior secured corporate loans.

Prudential Investment Management has priced three U.S. CLO deals year to date.

The primary asset management business of Newark, N.J.-based Prudential Financial Inc. priced four CLO deals in 2015.

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