NCC CLO Manager sells $503.31 million; Blackstone/GSO reprints €359 million notes

By Cristal Cody

Tupelo, Miss., April 18 – NCC CLO Manager LLC priced a $503.31 million new broadly syndicated CLO offering that is 100% backed by first-lien senior secured corporate loans.

In other pricing action, Blackstone/GSO Debt Funds Management Europe Ltd. refinanced €359 million of notes from a vintage 2016 euro-denominated CLO this week.

In the securitized secondary market, trading volume was heavy on Wednesday in high-grade CBO/CDO/CLO issues, according to Trace data.

During the previous session, $608.14 million of high-grade securities traded, compared to $129.14 million of non-investment-grade CBO/CDO/CLO notes.

The high-grade securities had an average trading price of 99.10 with a weighted average price of 99.40.

Lower-rated issues traded with a 90.80 average price and a weighted average price of 89.10.

Nassau 2019-I CLO prints

NCC CLO Manager priced $503.31 million of loans and notes due April 15, 2031 in the offering, according to market sources.

At the top of the capital structure, Nassau 2019-I Ltd./Nassau 2019-I LLC sold $70 million of class AN-A floating-rate notes at Libor plus 151 basis points, $296,875,000 of class A-L loans at Libor plus 165 bps and $13,125,000 of class AN-B floating-rate notes at Libor plus 230 bps.

J.P. Morgan Securities LLC arranged the offering.

Nassau 2019-I is collateralized entirely by first-lien senior secured corporate loans.

The CLO manager priced two CLO transactions in 2018.

NCC CLO Manager is an adviser of Darien, Conn.-based Nassau Corporate Credit LLC.

Blackstone/GSO reprices

Blackstone/GSO Debt Funds Management Europe priced €359 million of notes due Nov. 15, 2029 in a refinancing of a vintage 2016 euro-denominated CLO transaction, according to a market source and notices to noteholders.

In the senior secured floating-rate tranches, Clarinda Park CLO DAC priced €239 million of class A-1-R notes at Euribor plus 90 bps and €52 million of class A-2-R notes at Euribor plus 160 bps.

Merrill Lynch International was the refinancing placement agent.

The original CLO was issued Nov. 15, 2016 in a €415.1 million deal.

In that offering, the CLO priced €239 million of the class A-1 senior secured floating-rate notes at Euribor plus 115 bps and €52 million of class A-2 senior secured floating-rate notes at Euribor plus 175 bps.

Proceeds will be used to redeem the outstanding notes on May 15.

The deal is backed primarily by euro-denominated secured senior loans and bonds.

Blackstone/GSO is a Dublin-based manager and affiliate of Blackstone Group LP.

© 2015 Prospect News.
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