CIFC, Black Diamond Capital sell CLOs; Invesco, Madison Capital bring reprint action

By Cristal Cody

Tupelo, Miss., June 24 – CIFC Asset Management LLC priced $510.6 million of notes in the manager’s fourth new broadly syndicated CLO deal of the year.

Black Diamond Capital Management, LLC returned to the primary market a second time year to date to price a new $507.5 million CLO.

More than $59 billion of broadly syndicated and middle-market CLOs have priced year to date, about 3% behind the total in the same period a year ago, BofA Securities analysts said in a note released on Monday.

In the refinancing space, Invesco RR Fund LP, a majority owned affiliate of Invesco Senior Secured Management, Inc., repriced $523.5 million of notes from a 2016 broadly syndicated CLO.

Madison Capital Funding LLC also plans to price $302.85 million of notes in a refinancing of a vintage 2017 middle-market CLO.

The CLO manager has priced one new CLO offering year to date.

The primary market saw $3.2 billion of deals price in seven transactions in the past week with “moderate compression of manager tiering” after some deals priced the AAA tranche wider than others, the BofA analysts said.

New issue AAA spreads were on average pricing about 1 basis point wider on the week at the Libor plus 129 bps area.

© 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.