DoubleLine Capital prices debut $415 million CLO; June deal volume remains steady

By Cristal Cody

Tupelo, Miss., June 17 –Investment firm DoubleLine Capital LP brought a debut $415 million CLO deal as June volume remains fairly steady, according to market sources.

CLO managers have priced more than $5 billion of deals mid-way through the month, according to data compiled by Prospect News.

More than $60 billion of U.S. dollar-denominated CLOs have priced year to date.

About $100 billion of U.S. CLO issuance is forecast for the year.

DoubleLine Capital prices

DoubleLine Capital sold $415 million of notes due July 20, 2027 in the firm’s first CLO deal, a market source said.

Parallel 2015-1 Ltd./Parallel 2015-1 LLC priced $256 million of class A senior secured floating-rate notes at Libor plus 145 basis points at the top of the capital structure.

Morgan Stanley & Co. LLC arranged the deal.

DoubleLine Capital will manage the CLO.

The CLO is non-callable until Oct. 20, 2017. The reinvestment period ends Oct. 20, 2019.

The offering is backed primarily by broadly syndicated first-lien senior secured corporate loans and eligible investments.

DoubleLine Capital is an investment management firm based in Los Angeles.

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