Marble Point sells manager’s first CLO of year; Och-Ziff closes on CLO; secondary active

By Cristal Cody

Tupelo, Miss., May 2 – In new issue activity, Marble Point CLO Management LLC priced $400 million of 13-year notes in the manager’s first CLO offering of the year.

The deal priced on Tuesday and closes in June.

In other action, Och-Ziff Loan Management LP closed Thursday on its new $505,425,000 OZLM XXIII, Ltd./OZLM XXIII, LLC transaction. The previously reported offering included a $320 million tranche of class A floating-rate notes priced at Libor plus 147 basis points via Morgan Stanley & Co. LLC.

Year to date, CLO volume totals more than $38 billion, according to market sources.

In the secondary market, trading activity was strong on Wednesday. During the previous session, $457.07 million of high-grade CBO/CDO/CLO issues were traded, as well as $323.24 million of lower-rated securities, according to Trace data.

During Tuesday’s session, $350.75 million of high-grade CBO/CDO/CLO issues and $147.22 million of lower-rated CBO/CDO/CLO securities were traded.

On Wednesday, the high-grade securities had an average trading price of 98.90, down from 99.40 on Tuesday.

Non-high-grade CBO/CDO/CLO issues traded with a 93.60 average price, improved from a 91.30 average price on Tuesday.

Marble Point prices

Marble Point CLO Management priced $400 million of 13-year notes in the Marble Point CLO XV, Ltd./Marble Point CLO XV LLC broadly syndicated transaction, according to a pricing announcement on Thursday.

The CLO has an expected weighted average cost of debt of Libor plus 206 bps.

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

Marble Point Loan Financing Ltd. said in the release it has committed to invest $17.4 million in the new CLO, which is 53.6% of the deal’s equity. The closed-ended company invests in dollar-denominated broadly syndicated floating-rate senior secured corporate loans via CLOs, loan accumulation facilities and other vehicles managed by Marble Point Credit Management LLC or its affiliates.

Marble Point CLO Management is an affiliate of the Greenwich, Conn.-based alternative asset manager.

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