Deerpath Capital prices $310.4 million middle-market CLO; Neuberger Berman taps market

By Cristal Cody

Tupelo, Miss., Dec. 10 – Deal volume in the CLO market remained active in December even as other financial markets showed signs of slowing.

Deerpath Capital Management, LP priced a new $310.4 million middle-market CLO offering.

In the broadly syndicated CLO primary market, Neuberger Berman Loan Advisers LLC sold $505.13 million of notes in the Neuberger Berman Loan Advisors CLO 30, Ltd./Neuberger Berman Loan Advisors CLO 30, LLC transaction, according to a market source. Natixis Securities Americas LLC was the placement agent.

Final pricing details were not immediately available.

About $13.36 billion of middle-market CLOs have priced year to date, compared to $14.25 billion of middle-market volume in 2018, according to a BofA Merrill Lynch note released on Monday.

In the broadly syndicated space, about $117 billion of CLOs have come to the primary market year to date, more than the $102.36 billion priced in 2017, the report said.

In its deal, Deerpath Capital Management priced a $310.4 million middle-market CLO transaction, according to an informed source.

Deerpath Capital CLO 2018-1, Ltd./Deerpath Capital CLO 2018-1, LLC sold $136 million of class A-1 floating-rate notes at Libor plus 170 bps at the top of the capital structure.

GreensLedge Capital Markets, LLC was the placement agent.

The notes are due Jan. 15, 2031.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.