KKR, Allstate, First Eagle, DoubleLine, Five Arrows price; BlackRock plans euro issue

By Cristal Cody

Tupelo, Miss., Sept. 15 – CLO volume is picking up in September, as expected, with several dollar- and euro-denominated deals priced or in the pipeline.

KKR Financial Advisors II, LLC sold $450.76 million of notes in a new broadly syndicated CLO deal.

Allstate Investment Management Co. priced a $448.55 million broadly syndicated CLO transaction.

First Eagle Alternative Credit, LLC sold $413 million of notes in its new CLO offering.

DoubleLine Capital LP brought $303.65 million of notes in a CLO deal.

Also, Five Arrows Managers North America LLC priced a $302.2 million broadly syndicated CLO.

Meanwhile, a new euro-denominated CLO is expected to be issued from BlackRock Investment Management (UK) Ltd.

Year to date, more than $49 billion of dollar-denominated broadly syndicated CLOs and over €13 billion of euro-denominated CLOs have priced, market sources report.

KKR prices $450.76 million

KKR Financial Advisors II priced $450.76 million of notes due Oct. 17, 2031 in the transaction, according to market sources.

KKR CLO 30 Ltd./KKR CLO 30 LLC sold $267.75 million of class A-1 floating-rate notes at Libor plus 150 basis points in the senior tranche.

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

The offering is collateralized primarily by broadly syndicated first-lien senior secured corporate loans.

The investment firm is a subsidiary of San Francisco-based KKR Credit Advisors (US) LLC.

Allstate prints $448.55 million

Allstate Investment Management priced $448.55 million of notes due Oct. 15, 2031 in its broadly syndicated CLO transaction, according to market sources.

Aimco CLO 11 Ltd./Aimco CLO 11 LLC sold $288 million of class A floating-rate notes at Libor plus 138 bps in the AAA-rated tranche.

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

The offering is secured primarily by senior secured corporate loans.

Allstate Investment Management is a Northbrook, Ill.-based investment firm and subsidiary of Allstate Corp.

First Eagle raises $413 million

First Eagle Alternative Credit priced $413 million of notes due Oct. 20, 2033 in the Wind River 2020-1 CLO Ltd./Wind River 2020-1 LLC transaction, according to a market source.

The CLO sold $244 million of the class A senior secured floating-rate notes at Libor plus 143 bps.

Morgan Stanley & Co. LLC was the placement agent.

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

Boston-based First Eagle is an alternative credit management firm.

DoubleLine brings $303.65 million

DoubleLine Capital priced $303.65 million of notes due July 20, 2031 in a CLO deal, according to market sources.

Parallel 2020-1 Ltd./Parallel 2020-1 LLC sold $175 million of class A-1 floating-rate notes at Libor plus 182.5 bps at the top of the capital structure.

Citigroup Global Markets Inc. was the placement agent.

The offering is collateralized mostly by broadly syndicated first-lien senior secured corporate loans.

The investment management firm is based in Los Angeles.

Five Arrows sells $302.2 million

Five Arrows Managers North America sold $302.2 million of notes due Oct. 15, 2031 in the Ocean Trails CLO X/Ocean Trails CLO X LLC transaction, according to a market source.

Ocean Trails CLO X priced $160 million of class A-1 floating-rate notes at Libor plus 155 bps at the top of the capital stack.

Natixis Securities Americas LLC was the placement agent.

The CLO is backed primarily by broadly syndicated senior secured loans.

The Los Angeles-based investment manager is a subsidiary of Rothschild North America Holdings, Inc.

BlackRock offers €298.77 million

BlackRock Investment Management is offering €298.77 million of notes due Oct. 15, 2033 in the BlackRock European CLO X DAC deal, according to a market source.

The CLO is marketing €183.75 million of class A senior secured floating-rate notes at Euribor plus 130 bps, €23.25 million of class B senior secured floating-rate notes at Euribor plus 200 bps, €29.1 million of class C senior secured floating-rate notes at Euribor plus 290 bps, €19.2 million of class D senior secured floating-rate notes at Euribor plus 400 bps, €11.1 million of class E senior secured deferrable floating-rate notes at Euribor plus 632 bps, €8.85 million of class F senior secured deferrable floating-rate notes at Euribor plus 754 bps and €23.52 million of subordinated notes.

Barclays is the placement agent.

The CLO is backed primarily by euro-denominated broadly syndicated senior secured obligations.

Settlement is expected on Nov. 11.

BlackRock Investment Management (UK), subsidiary of BlackRock, Inc., is a London-based investment management firm.

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