Oaktree raises $744.78 million; Cerberus prices $378.75 million middle-market CLO

By Cristal Cody

Tupelo, Miss., April 11 – Details emerged on a new broadly syndicated CLO offering and a middle-market deal.

Oaktree Capital Management LP sold $744.78 million of notes in the manager’s previously announced CLO offering. The transaction is Oaktree’s first new dollar-denominated issuance in 2019 following a refinancing of a vintage CLO earlier in the year.

Cerberus Capital Management, LP came with a $378.75 million middle-market CLO offering in its first deal of the year.

The CLO manager was last in the primary market in 2018 with four transactions.

Middle-market volume year to date totals less than $3 billion, while broadly syndicated CLO issuance is nearly $30 billion, according to market sources.

In its deal, Oaktree Capital Management sold $744.78 million of notes due April 22, 2030 in the manager’s previously announced CLO offering, according to a market source.

Oaktree CLO 2019-1 Ltd./Oaktree CLO 2019-1 LLC priced $442.5 million of class A-1 senior secured floating-rate notes (Aaa/AAA) at par to yield Libor plus 133 basis points, $37.5 million of class A-2 senior secured floating-rate notes (Aaa/AAA) at par to yield Libor plus 170 bps and $86.25 million of class B senior secured floating-rate notes (Aa3/AA) at par to yield Libor plus 185 bps.

Wells Fargo Securities, LLC was the placement agent.

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