KKR prices $607 million CLO; Investcorp brings $408.5 million deal; Ares prints new CLO

By Cristal Cody

Tupelo, Miss., June 26 – In new CLO pricing activity, KKR Financial Advisors II, LLC sold $607 million of notes in the manager’s second CLO offering of 2018.

Also in the primary market, Investcorp Credit Management US LLC placed a $408.5 million CLO in the firm’s first offering of the year.

In other new issuance, Ares Management LLC closed on a new $512.75 million CLO deal, the second transaction of the year for the CLO manager.

About $55 billion of new issue CLOs have priced year to date, according to market sources.

KKR brings KKR CLO 22

KKR Financial Advisors II priced $607 million of notes due July 20, 2031 in the KKR CLO 22 Ltd./KKR CLO 22 LLC transaction, a source said.

The CLO sold $390 million of class A floating-rate notes at Libor plus 115 basis points in the senior tranche.

Credit Suisse Securities (USA) LLC was the placement agent.

KKR has priced two new CLO transactions year to date.

The investment firm and subsidiary of San Francisco-based KKR Credit Advisors (US) LLC brought four CLOs to the market in 2017.

Jamestown CLO XI prices

Investcorp Credit Management US sold $408.5 million of notes due July 14, 2031 in the Jamestown CLO XI, Ltd./Jamestown CLO XI Corp. transaction, a market source said.

The CLO priced $260 million of class A-1 senior secured floating-rate notes at Libor plus 110 bps at the top of the capital structure.

Credit Suisse Securities (USA) LLC was the placement agent.

Investcorp was previously in the U.S. primary market on June 15, 2017 with the $612.3 million Jamestown CLO X, Ltd./Jamestown CLO X Corp. deal.

The investment firm has offices in London, New York and Singapore.

Ares prints $512.75 million deal

Ares Management raised $512.75 million in an offering of notes due July 20, 2030 in the Ares XLVIII CLO Ltd./Ares XLVIII CLO LLC transaction, according to a market source.

The CLO sold $290 million of the class A-1 floating-rate notes at Libor plus 102 bps.

BofA Merrill Lynch was the placement agent.

Ares CLO Management II LLC is the CLO manager.

Ares Management has priced two new CLOs year to date.

The alternative asset management firm is based in Los Angeles.

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