Marathon prices $503.25 million; Symphony prints CLO; Golub brings middle-market deal

By Cristal Cody

Tupelo, Miss., June 18 – Details emerged on new CLO transactions priced in both the broadly syndicated and middle-market spaces.

Marathon Asset Management LP priced $503.25 million of notes in the manager’s first broadly syndicated CLO offering of the year.

Symphony Asset Management LLC sold $407 million of notes in its second CLO transaction issued in 2019.

In the middle-market space, Golub Capital affiliate GS Investment Management LLC priced $805.5 million of loans and notes in a new middle-market CLO deal set to close on Friday.

Year to date, about $50 billion of broadly syndicated CLOs and nearly $7 billion of middle-market CLOs have priced, according to market sources.

In other activity, secondary market volume was moderate in the previous session. About $128.43 million of high-grade CBO/CDO/CLO issues and $39.64 million of lower-rated issues traded, according to Trace data.

The high-grade securities had an average trading price of 99.60, while the non-high-grade CBO/CDO/CLO issues traded at an average 95.50 trading price on Monday.

In its deal, Marathon Asset Management sold $503.25 million of notes due April 15, 2032 in the new CLO offering, according to market sources.

At the top of the capital stack, Marathon CLO XIII Ltd./Marathon CLO XIII LLC priced $300 million of class A-1A senior secured floating-rate notes at Libor plus 152 basis points.

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