Golub brings $729.88 million CLO; ICG prices $400.2 million; BlackRock taps market

Chicago, Aug. 29 – The primary CLO market was active on Thursday with $1.36 billion in new issuance.

The largest deal, by far, is a new offering from Golub Capital for $729.88 million in eight tranches, including the subordinated note class.

Another experienced issuer came to market in ICG Debt Advisors’ $400.2 million new offering in eight classes of notes.

BlackRock Capital Investment Advisors LLC added $230 million to the August total in its new offering in four classes, including loans and notes.

In the secondary market, investment-grade trading picked up with $187.02 million of CBO/CDO/CLO paper bought and sold, according to Trace data. The average price was 95.2.

In the non-investment grade market, trading was about half of its total on Wednesday, at $19.5 million in only nine trades. The average price was 90.8.

In its deal, Golub Capital priced a $729.88 million transaction with a portfolio that will be collateralized by at least 95% in senior secured loans.

Golub, an experienced CLO issuer, has $16.3 billion in total CLO assets under management in 25 reinvesting CLOs.

Meanwhile, ICG Debt Advisors also brought a new offering to market, scheduled to close in mid-September.

The issuer has $4.5 billion in U.S. CLOs under management.

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