Carlyle CLO Management prices manager’s third deal of year, sells $606.33 million notes

By Cristal Cody

Tupelo, Miss., Sept. 19 – Carlyle CLO Management LLC priced $606.33 million of notes in the manager’s third dollar-denominated CLO transaction priced in the primary market year to date.

The CLO manager priced four CLO deals in 2018.

In other activity, the securitized secondary market saw heavy trading in CBO/CDO/CLO issues on lower average trading prices in the previous session.

On Wednesday, $650.84 million of lower-rated securities were traded, along with $320.92 million of high-grade issues, according to Trace data.

Tuesday’s session saw $410.69 million of non-investment-grade issues and $206.22 million of investment-grade issues trade.

The investment-grade tranches had an average trading price of 98.30 on Wednesday, down from 99.40 on Tuesday.

Non-high-grade CBO/CDO/CLO issues traded at an average price of 47.30 in the previous session, compared to 80.10 on Tuesday, Trace data shows.

Carlyle brings 2019-3 CLO

Carlyle CLO Management priced $606.33 million of notes due Oct. 20, 2032 in the Carlyle US CLO 2019-3 Ltd./Carlyle US CLO 2019-3 LLC transaction, according to market sources.

The CLO sold $372 million of class A-1a floating-rate notes at Libor plus 131 basis points at the top of the capital stack.

Citigroup Global Markets Inc. was the placement agent.

The deal is backed primarily by broadly syndicated senior secured corporate loans.

The asset management firm is an affiliate of Washington, D.C.-based Carlyle Group.

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