Diameter sells CBO; AB Private, Crescent price middle-market CLOs; MJX plans reprint

By Cristal Cody

Tupelo, Miss., Nov. 15 – Diameter Capital Partners LP priced $273.6 million of notes in a new collateralized bond obligation transaction.

Meanwhile, the CLO middle-market space is seeing volume with details out on two new deals.

AB Private Credit Investors LLC priced a $348.11 million middle-market CLO.

Also, Crescent Capital Group LP closed Friday on a middle-market offering.

In the broadly syndicated CLO market, MJX Asset Management LLC plans to refinance one tranche of notes from a 2016 transaction.

Looking at other activity, leveraged loans outflows rose to $310 million for the past week ended Wednesday from $140 million in the prior week, according to a BofA Securities, Inc. research note released Friday.

Diameter prints notes

Diameter Capital Partners priced $273.6 million of notes in the Diameter Credit Funding 2019-II, Ltd. CBO transaction, according to a market source.

The CBO sold $122.4 million of 3.94% class A fixed-rate notes at the top of the capital structure.

GreensLedge Capital Markets LLC was the placement agent.

The CBO is backed mostly by corporate bonds.

The deal is the manager’s second transaction of the year.

Diameter Capital Partners is an investment firm based in New York.

AB Private prices

AB Private Credit Investors sold $348.11 million of notes due Oct. 20, 2031 in the middle-market CLO deal, according to an informed source.

ABPCI Direct Lending Fund CLO VII Ltd./ABPCI Direct Lending Fund CLO VII LLC priced $173 million of class A-1A floating-rate notes at Libor plus 181 basis points at the top of the capital stack.

Natixis Securities Americas LLC was the placement agent.

The CLO is collateralized primarily by middle-market senior secured loans.

Middle-market lender AB Private Credit Investors is a subsidiary of New York-based AllianceBernstein LP.

Crescent taps market

Crescent Capital Group closed Friday on $149.75 million of notes due Nov. 15, 2031 in a delayed-draw middle-market CLO, according to a market source.

Falcon 2019-1 LLC priced $78 million of the class A-1 floating-rate notes at Libor plus 165 bps.

GreensLedge Capital Markets LLC was the placement agent.

The transaction is collateralized primarily by middle-market senior secured leveraged loans.

Crescent Capital is an alternative asset management firm based in Los Angeles.

MJX to price $384 million

MJX Asset Management plans to refinance the AAA-rated notes from the broadly syndicated Venture XXV CLO, Ltd. offering, according to a notice of proposed supplemental indenture on Friday.

Venture XXV CLO intends to price $384 million of class A-R senior secured floating-rate notes (expected ratings Aaa//AAA).

Jefferies LLC and Mizuho Securities USA Inc. are the refinancing placement agents.

The notes are due April 20, 2029.

In the original $601.6 million transaction issued Dec. 20, 2016, the CLO priced $369 million of class A-1 senior secured floating-rate notes at Libor plus 149 bps and $15 million of 3.1% class A-F senior secured fixed-rate notes.

MJX Asset Management is a New York City-based asset management company.

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