Barings prices $405.1 million CLO; Sculptor prints; Oak Hill refinances €260.8 million

By Cristal Cody

Tupelo, Miss., Nov. 21 – Barings LLC priced $405.1 million of notes in the manager’s fourth broadly syndicated CLO deal of the year.

In other pricing action, Sculptor Loan Management LP, formerly known as Och-Ziff Loan Management LP, sold $349.55 million of notes in the firm’s first CDO transaction, which closed Thursday.

The market also saw a CBO deal from Diameter Capital Partners LP, which closed Thursday on its previously reported $273.6 million Diameter Credit Funding 2019-II, Ltd. transaction.

In other activity, Oak Hill Advisors (Europe), LLP refinanced €260.8 million of AAA-rated notes from a vintage 2017 CLO.

Barings CLO 2019-IV prints

Barings priced $405.1 million of notes due Jan. 15, 2033 in a new CLO deal, according to market sources.

Barings CLO Ltd. 2019-IV/Barings CLO Ltd. 2019-IV LLC sold $230 million of class A-1 floating-rate notes at Libor plus 133 basis points and $26 million of 3.02% class A-2 fixed-rate notes at the top of the capital stack.

Morgan Stanley & Co. LLC was the placement agent.

The deal is backed primarily by broadly syndicated first-lien senior secured loans.

The Charlotte, N.C.-based CLO manager is a subsidiary of Massachusetts Mutual Life Insurance Co.

Sculptor brings CDO

Sculptor Loan Management priced $349.55 million of notes due Oct. 20, 2037 in the CDO transaction, according to market sources.

In the senior tranches, Guardia 1, Ltd. sold $169.75 million of 3.93% class A-1 fixed-rate notes and $36.75 million of 4.53% class A-2 fixed-rate notes.

Citigroup Global Markets Inc. was the placement agent.

The securities are collateralized primarily by corporate bonds and loans.

The New York-based firm is part of Sculptor Capital Management, Inc.

Oak Hill reprices tranche

Oak Hill Advisors (Europe) priced €260.8 million of notes due Feb. 21, 2030 in a refinancing of one tranche from a vintage 2017 euro-denominated CLO transaction, according to a market source.

Oak Hill European Credit Partners V DAC priced the class A-1-R senior secured floating-rate notes (Aaa//AAA) at Euribor plus 71 bps.

The notes were originally issued Jan. 25, 2017 at Euribor plus 96 bps.

Morgan Stanley & Co. International plc was the refinancing placement agent.

The CLO notes are backed primarily by euro-denominated senior secured loans or senior secured bonds.

Oak Hill Advisors (Europe) is a credit manager based in London.

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