Cerberus prices middle-market CLO; Morgan Stanley, Onex wrap broadly syndicated deals

By Cristal Cody

Tupelo, Miss., Dec. 18 – Cerberus Capital Management, LP priced a $352.75 million new middle-market CLO offering of notes that were admitted on Thursday for trading on the Euronext Dublin Global Exchange Market.

The deal is the firm’s second middle-market CLO deal priced year to date following four transactions in the primary market in 2018.

In other activity on Thursday, Morgan Stanley Investment Management Inc. closed on its previously reported $457.25 million 522 Funding CLO I Ltd./522 Funding CLO I LLC broadly syndicated transaction. The deal is the firm’s first CLO offering.

The $279 million tranche of class A-1 floating-rate notes priced at Libor plus 139 basis points.

Also, Onex Credit Partners, LLC closed Thursday on its previously reported €363.45 million refinancing of notes from the OCP Euro CLO 2017-1 DAC broadly syndicated deal.

Cerberus prices

Cerberus Capital Management priced $352.75 million of notes due Jan. 15, 2032 in the middle-market offering, according to an informed source.

Cerberus Loan Funding XXVII LP sold $15 million of class A-L senior secured floating-rate loans at Libor plus 180 bps and $140 million of class A-1 senior secured floating-rate notes at Libor plus 180 bps at the top of the stack.

HSBC Securities (USA) Inc. and Natixis Securities Americas LLC were the placement agents.

Cerberus Business Finance, LLC will manage the CLO.

The offering is collateralized by small- and medium-sized enterprise loans and other assets.

Cerberus Capital is a private equity firm based in New York.

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