Elmwood prices $452.5 million CLO; Wind River wraps deal; secondary supply increases

By Cristal Cody

Tupelo, Miss., Oct. 7 – Elmwood Asset Management LLC priced $452.5 million of notes in the manager’s third broadly syndicated CLO transaction of the year.

In other activity, First Eagle Alternative Credit, LLC closed Wednesday on its previously reported $413 million Wind River 2020-1 CLO Ltd./Wind River 2020-1 LLC offering.

The CLO sold $244 million of the class A senior secured floating-rate notes at Libor plus 143 basis points.

About $60 billion of dollar-denominated CLOs have priced so far this year, according to market sources.

Meanwhile, secondary volume ramped up in high-grade CBO/CDO/CLO paper to $510.06 million on Tuesday from $204.28 million at the start of the week, according to Trace.

Trading volume in lower-rated securities rose to $87.8 million on Tuesday from $42.41 million on Monday.

Investment-grade CBO/CDO/CLO notes improved to an average price of 98.80 on Tuesday from 97.30 on Monday.

Non-investment-grade CBO/CDO/CLO notes averaged 83.20, down from 83.40 in the prior session.

Elmwood CLO VI prints

Elmwood Asset Management priced $452.5 million of notes due Oct. 15, 2031 in the new CLO transaction, according to market sources.

Elmwood CLO VI Ltd. sold $283.5 million of the class A floating-rate notes at Libor plus 132 bps.

Credit Suisse Securities (USA) LLC was the placement agent.

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

Elwood Asset Management has priced three new CLOs year to date.

The hedge fund is based in New York.

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