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Mariner prices $510.85 million, second deal of year; CVC closes $615.7 million CLO
By Cristal Cody
Tupelo, Miss., June 21 – Details emerged on two new CLOs priced in the U.S. broadly syndicated primary market.
Mariner Investment Group, LLC sold $510.85 million of notes in the firm’s second CLO offering of the year.
In other activity on Thursday, CVC Credit Partners, LLC affiliate CVC Credit Partners U.S. CLO Management LLC closed on a new $615.7 million CLO transaction. The transaction is the CLO manager’s first new CLO of the year.
CLO managers have priced more than $56 billion of new issues year to date, while about $72 billion of vintage CLOs also have been refinanced and/or reset this year, according to market sources.
Mariner prints new CLO
Mariner Investment Group priced $510.85 million of notes due July 28, 2031 in the transaction, according to a market source.
Mariner CLO 6 Ltd./Mariner CLO 6 LLC sold $310 million of the class A floating-rate notes at Libor plus 110 basis points.
J.P. Morgan Securities LLC was the placement agent.
Mariner Investment Group is an alternative asset management firm based in New York City.
CVC brings Apidos XXIX
CVC Credit Partners U.S. CLO Management priced $615.7 million of notes due July 25, 2030 in the offering that closed on Thursday, according to a market source.
Apidos CLO XXIX/Apidos CLO XXIX LLC priced $369 million of class A-1A floating-rate notes at Libor plus 102 bps at the top of the capital stack.
The deal was upsized from an initially expected $513.5 million offering.
BofA Merrill Lynch was the placement agent.
CVC Credit Partners, a New York City-based subsidiary of London-based CVC Capital Partners Ltd., priced two new CLOs and refinanced four vintage CLOs in 2017.
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