3i prices upsized $759.8 million CLO; Golub CLO AAAs price tight; Fifth Street preps deal

By Cristal Cody

Tupelo, Miss., Jan. 28 – The CLO primary market woke this week after a slow start to the year, according to market sources.

“We’ve started to see a pickup a little bit this week,” an informed source said. “It’s still kind of light. The ramping side has started, and we’re also starting to see a little pickup in the underlying collateral so that helps as these new deals get formed.”

3i Debt Management U.S. LLC priced an upsized $759.8 million CLO transaction on Wednesday, according to a market source. The CLO placed the AAA notes at Libor plus 160 basis points.

GC Investment Management LLC sold $404.75 million of notes in a Europe-compliant CLO offering, a source said.

The AAA tranche priced on the tight side of recent issuance at Libor plus 140 bps.

Apollo Credit Management (CLO) LLC also brought a $786 million CLO offering via Morgan Stanley & Co., according to a source. Final pricing terms were not available by press time.

Coming up, Fifth Street Management LLC plans to bring a $309.45 million middle-market deal, according to a source.

3i Debt Management priced $759.8 million of notes due Feb. 15, 2027 in the Jamestown CLO VI Ltd./Jamestown CLO VI Corp. transaction on Wednesday, according to a market source.

The deal was upsized from $610 million.

Citigroup Global Markets Inc. was the placement agent.

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