Marble Point prices $360.25 million CLO; refinancing pace pauses as spreads widen

By Cristal Cody

Tupelo, Miss., Sept. 16 – Marble Point CLO Management LLC priced $360.25 million of notes in a new broadly syndicated CLO deal.

The CLO manager has priced two deals year to date.

The new issue primary market is picking up steam in September.

New U.S. broadly syndicated volume totals $81 billion year to date with four more new CLOs priced last week, according to a BofA Merrill Lynch research note released Monday.

Meanwhile, the CLO refinancing market has taken a breather in mid-September with $33 billion of supply so far this year.

“No deals went through a refi/reset/reissue over the week, underlying the lack of refinancing incentives for managers from wide primary spread levels,” the BofA Merrill Lynch note said.

New issue CLO AAA tranches are pricing on average in September at the Libor plus 134 basis points area, about 11 bps wider on the year.

Marble Point prints

Marble Point CLO Management sold $360.25 million of notes due Oct. 19, 2032 in the Marble Point CLO XVI, Ltd./Marble Point CLO XVI LLC deal, according to a market source.

The CLO sold $129 million of class AL loans at Libor plus 143 bps at the top of the capital stack.

BofA Securities, Inc. was the placement agent.

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

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