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Guggenheim brings $856.75 million CLO, first deal in series since 2010; volume climbs
By Cristal Cody
Tupelo, Miss., April 1 – Details emerged on Guggenheim Partners Investment Management LLC’s $856.75 million NZCG Funding 2 Ltd. CLO transaction, the second deal the firm priced year to date.
Guggenheim Partners Investment Management placed the AAA-rated notes at Libor plus 155 basis points, a source said.
Guggenheim was last in the primary market with the NZCG Funding series in 2010.
The firm also brought the $558.9 million Kitty Hawk CLO 2015-1 LLC/Kitty Hawk CLO 2015-1 Ltd. transaction on March 26. The Kitty Hawk AAA notes priced at Libor plus 151 bps.
More than $30 billion of U.S. dollar-denominated CLOs have priced in 58 deals year to date, following a strong March pipeline, according to market sources and data compiled by Prospect News.
In the euro-denominated CLO market, €3.5 billion of notes have priced in eight deals year to date.
Guggenheim prices CLO
Guggenheim Partners Investment Management sold $856.75 million of notes due April 26, 2027 in a CLO offering, according to a market source.
The NZCG Funding 2 CLO priced $531.25 million of class A-1 senior secured floating-rate notes at Libor plus 155 bps in the senior tranche.
Citigroup Global Markets Inc. arranged the offering.
Guggenheim will manage the CLO.
The CLO has a two-year non-call period and a four-year reinvestment period.
The notes are collateralized mainly by broadly syndicated first-lien senior secured loans and eligible investments.
In 2014, Guggenheim brought one new CLO deal and reopened a vintage 2012 CLO transaction.
The investment management firm is based in New York and Chicago.
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