Antares offers $1 billion new middle-market CLO; securitized secondary market active

By Cristal Cody

Tupelo, Miss., Aug. 17 – Antares Capital Advisers LLC intends to tap the CLO middle market with a $1 billion transaction.

The deal is the CLO manager’s second transaction of the year.

Middle-market CLO volume has been heavier year to date with $9.4 billion of issuance compared to the same period a year ago when $8.3 billion of issues had priced, according to a Wells Fargo Securities, LLC research note.

Looking at the secondary market, volume picked up on Thursday with $150.6 million of high-grade CBO/CDO/CLO issues and $236.26 million of lower-rated securities traded, according to Trace data.

In its deal, Antares Capital Advisers plans to price $1,008,170,000 of notes due Oct. 20, 2030 in the Antares CLO 2018-2, Ltd./Antares CLO 2018-2, LLC middle-market CLO transaction, according to a market source.

The deal includes $575 million of class A-1 floating-rate notes (/AAA/AAA); $20 million of class A-2 floating-rate notes (/non-rated/AAA); $95 million of class B floating-rate notes (/AA/); $75 million of class C deferrable floating-rate notes (/A/); $65 million of class D deferrable floating-rate notes (/BBB-/); $55 million of class E deferrable floating-rate notes (/BB-/) and $123.17 million of subordinated notes.

Deutsche Bank Securities Inc. is the placement agent.

The notes are backed primarily by middle-market senior secured term loans.

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