Trinitas prices $501 million; CSAM taps market; Fortress sells middle-market CLO

By Cristal Cody

Tupelo, Miss., Dec. 4 – The CLO primary market continues to see new issuance in both the dollar- and euro-denominated spaces.

Trinitas Capital Management, LLC priced $501 million of notes in the manager’s second CLO offering of the year.

Also, Credit Suisse Asset Management, LLC issued $399.06 million of notes in the manager’s third new broadly syndicated CLO sold this year.

Invesco European RR LP priced a €305.4 million European broadly syndicated CLO in its second deal of the year following marketing last week, sources said.

Invesco Euro CLO V DAC carries a 1.5-year non-call period and a four-year reinvestment period. Additional details were not immediately available.

In other primary action, Fortress Investment Group LLC affiliate FCOD CLO Management LLC priced a $250 million middle-market CLO.

Year to date, more than $70 billion of dollar-denominated broadly syndicated CLOs, over €20 billion of European CLOs and about $8 billion of middle-market CLOs have priced, sources report.

Trinitas brings CLO

Trinitas Capital Management priced $501 million of notes due Jan. 25, 2034 in its offering, according to a market source.

Trinitas CLO XIV Ltd./Trinitas CLO XIV LLC sold $300 million of class A-1 floating-rate notes at Libor plus 149 basis points at the top of the capital stack.

Goldman Sachs & Co. LLC was the placement agent.

The CLO is collateralized primarily by broadly syndicated senior secured corporate loans.

Trinitas Capital Management has priced two new CLOs year to date.

The credit investment management firm is based in Dallas.

CSAM sells $399.06 million

Credit Suisse Asset Management issued $399.06 million of notes due Jan. 19, 2034 in the new issue, according to market sources.

Madison Park Funding XLVII Ltd./Madison Park Funding XLVII LLC priced $240 million of class A floating-rate notes at Libor plus 137 bps in the AAA-rated tranche.

MUFG was the placement agent.

The notes are backed primarily by first-lien senior secured loans.

The manager has priced three new dollar-denominated CLOs in 2020.

Credit Suisse Asset Management is a unit of Credit Suisse Group AG.

Fortress raises $250 million

FCOD CLO Management priced $250 million of securities due Dec. 4, 2028 in the middle-market transaction, a source said.

Fortress Credit Opportunities XV CLO Ltd./Fortress Credit Opportunities XV CLO LLC sold $100 million of the class A-R loans (Aa2) at Libor plus 280 bps.

Natixis Securities America LLC was the placement agent.

The CLO is backed primarily by middle-market first-lien senior secured corporate loans.

Fortress Investment Group is based in New York.

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