ICG, TPG price; Neuberger Berman, GSO/Blackstone refinance; Pramerica considers add-on

By Cristal Cody

Tupelo, Miss., July 22 – New issuance remains light following thin primary action in the previous week, though several deals are expected to price soon, according to market sources on Tuesday.

“US CLO origination should continue to slow down from the accelerated pace over the first half of July, which saw $7.5 billion in new deals,” J.P. Morgan Securities LLC analysts said in a note.

Less than $8 billion of CLO deals are in the pipeline, according to a market source.

The previous week saw only two deals price and was the slowest week in the primary market since the week ended April 25, the JPMorgan analysts said.

Details emerged for ICG Debt Advisors LLC’s $417 million transaction. The ICG US CLO 2014-2, Ltd./ICG US CLO 2014-2 LLC priced $247 million of AAA-rated notes at Libor plus 145 basis points.

Morgan Stanley & Co. LLC arranged the offering.

TPG Global, LLC also brought a $513.5 million CLO deal, the TICP CLO II, Ltd./TICP CLO II, LLC vehicle, and priced the AAA notes at Libor plus 145 bps, according to a market source.

Citigroup Global Markets Inc. was the placement agent.

Neuberger Berman Fixed Income LLC and GSO/Blackstone Debt Funds Management LLC refinanced vintage 2012 CLO deals, according to market sources.

Neuberger Berman sold $356.85 million of notes in a refinancing of the Neuberger Berman CLO XII, Ltd./Neuberger Berman CLO XII, LLC transaction originally priced in August 2012.

The CLO refinanced the AAA notes at Libor plus 125 bps.

BNP Paribas Securities Corp. was the refinancing agent.

GSO/Blackstone refinanced $455.45 million of notes in the Gramercy Park CLO Ltd./Gramercy Park CLO Corp. transaction first brought in 2012. The CLO refinanced the AAA tranche at Libor plus 130 bps.

Credit Suisse Securities (USA) LLC arranged the refinancing.

Potential deal

Pramerica Investment Management Ltd. may be in the pipeline with a tap of the Dryden XXVII Euro CLO 2013 BV deal, according to an investor notice on Tuesday.

The CLO “would like to explore an additional issuance of notes,” the notice said.

Pramerica sold €300 million of fixed- and floating-rate notes due 2025 in the original transaction priced in April 2013.

Barclays Bank plc is the deal arranger.

Pramerica, the leveraged finance arm of Prudential Financial, Inc., is based in London.

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