GoldenTree sells €404.75 million; U.S. market active; Octagon reprices; euro spreads ease

By Cristal Cody

Tupelo, Miss., Feb. 26 – New CLO deals were reported on Monday in both the U.S. and European deal markets.

GoldenTree Asset Management LP priced a new €404.75 million CLO.

Euro-denominated CLO spreads have softened in February, according to a BofA Merrill Lynch note released on Monday.

“Spreads continued to widen for European CLOs, though with few sellers appearing on the secondary market, the primary market helped provide a better indication of current spread levels,” BofA Merrill Lynch analysts said in the note. “After widening through most of February, lower mezzanine tranches appear to have erased most of their January gains, with spreads for BB and single B tranches back at around 500 [basis points] and 700 bps respectively.”

In the U.S. primary market, GC Investment Management LLC priced $904 million of notes in the new Golub Capital Partners CLO 36(M) Ltd./Golub Capital Partners CLO 36(M) LLC middle-market transaction, a source said. Final pricing details were not immediately available. Wells Fargo Securities LLC was the placement agent.

In other deal action, Octagon Credit Investors, LLC refinanced $598 million of notes from a 2015 vintage CLO.

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