CVC prices $402.5 million CLO; Neuberger Berman prints; MidCap refinances; spreads flat

By Cristal Cody

Tupelo, Miss., Oct. 13 – The CLO primary market is remaining active in October, along with the refinancing space.

CVC Credit Partners, LLC priced $402.5 million of notes in the manager’s second new dollar-denominated broadly syndicated CLO of the year and on the heels of its second new euro-denominated CLO, which priced in September.

In other new broadly syndicated CLO issuance, Neuberger Berman Loan Advisers LLC priced $506.4 million of notes in the manager’s third deal of the year.

Meanwhile, MidCap Financial Services Capital Management LLC priced $651.83 million of notes in a refinancing of a vintage 2017 middle-market CLO.

The deal pipeline is expected to remain active.

More than $60 billion of dollar-denominated broadly syndicated CLOs and more than €14 billion of euro-denominated CLOs have priced year to date, according to market sources.

CLO refinancing volume totals about $30 billion so far this year.

Looking at the secondary market, BWIC volume rose to $829 million over the past week from $762 million in the prior week, according to a BofA Securities, Inc. research note released on Monday.

AAA-rated traches made up 77% of the notional on lists.

Spreads were flat across the capital stack over the week ended Friday, according to the BofA note.

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