PPM prices $402.75 million CLO; Aegon taps market; CIFC prices $605.4 million issue

By Cristal Cody

Tupelo, Miss., May 8 – PPM Loan Management Co., LLC priced a $402.75 million broadly syndicated CLO offering on Friday.

In other primary action, Aegon USA Investment Management LLC sold $479 million of notes in a new CLO.

Also, CIFC CLO Management II LLC priced a $605.4 million CLO transaction.

About $40 billion of broadly syndicated CLOs have priced year to date, according to market sources.

PPM places CLO

PPM Loan Management priced $402.75 million of notes due July 17, 2030 in a new CLO transaction on Friday, according to market sources.

PPM CLO 3, Ltd. sold $256 million of class A floating-rate notes at Libor plus 140 basis points in the AAA-rated tranche.

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

The notes are collateralized primarily by broadly syndicated first-lien senior secured corporate loans.

PPM Loan Management has priced two CLOs year to date.

The CLO manager is based in Chicago.

Aegon prices $479 million

Aegon USA Investment Management priced $479 million of notes due May 29, 2032 in the Cedar Funding XI CLO Ltd./Cedar Funding XI CLO LLC transaction, according to a market source.

At the top of the capital stack, the CLO sold $190 million of class A-1A floating-rate notes at Libor plus 135 bps, $50 million of 3.74% class A-1F fixed-rate notes and $20 million of class A-2 floating-rate notes at Libor plus 170 bps.

Jefferies LLC arranged the transaction.

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

The Cedar Rapids, Iowa-based firm is part of The Hague, the Netherlands-based Aegon Group.

CIFC sells 2019-III CLO

CIFC CLO Management II priced $605.4 million of notes due July 16, 2032 in the CIFC Funding 2019-III, Ltd. broadly syndicated CLO offering, according to a market source.

The CLO sold $372 million of class A-1A floating-rate notes at Libor plus 137 bps and $18 million of class A-1B floating-rate notes at Libor plus 170 bps in the senior tranches.

Citigroup Global Markets Inc. was the placement agent.

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

The New York City-based investment adviser is an affiliate of CIFC Asset Management LLC.

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