Palmer Square prices $401.1 million CLO; Cerberus sells middle-market CLO

By Cristal Cody

Tupelo, Miss., Nov. 20 – Palmer Square Capital Management LLC priced $401.1 million of notes in the manager’s seventh new dollar-denominated broadly syndicated CLO offering of the year.

In other new supply, Cerberus Capital Management, LP priced a $352.18 million middle-market CLO in the manager’s third deal year to date.

More than $70 billion of dollar-denominated broadly syndicated CLOs about $8 billion of middle-market CLOs have priced in 2020, according to market sources.

In its deal, Palmer Square Capital priced $401.1 million of notes due Nov. 15, 2031 in the new CLO transaction, according to market sources.

Palmer Square CLO 2020-3 Ltd./Palmer Square CLO 2020-3, LLC sold $248 million of class A-1a floating-rate notes at Libor plus 137 basis points at the top of the capital structure.

J.P. Morgan Securities LLC was the placement agent.

Separately, Cerberus Capital Management priced $352,175,000 of notes due Jan. 17, 2033 in its middle-market deal, according to a market source.

Cerberus Loan Funding XXX LP sold $182 million of class A senior secured floating-rate notes at Libor plus 185 bps in the AAA-rated tranche.

Wells Fargo Securities, LLC was the placement agent.

Cerberus Business Finance, LLC will manage the CLO.

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

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