Pipeline fills; GSO/Blackstone preps $515 million CLO; market awaits $1 billion CSAM deal

By Cristal Cody

Tupelo, Miss., Sept. 15 – Primary action continues to remain quiet halfway through September, but the rest of the month is expected to see more activity, according to informed sources.

Over the day, market participants were focused on an amendment up for vote as early as Monday by the House of Representatives to exempt certain collateralized loan obligations from the Volker Rule. The exemption would allow more banks to hold CLOs. The Volcker Rule currently prohibits banks from owning CLOs that hold bonds.

In new CLO issuance, Halcyon Loan Management LLC priced the Halcyon Loan Advisors Funding 2014-3 Ltd./Halcyon Loan Advisors Funding 2014-3 LLC deal via Morgan Stanley & Co. LLC. Final pricing terms were not available by press time.

Deals in pipeline

Coming up in the pipeline, GSO/Blackstone Debt Funds Management LLC plans a $515 million offering via Goldman Sachs & Co., according to a market source.

The Thacher Park CLO Ltd./Thacher Park CLO LLC deal is expected to include $325 million of class A floating-rate notes, $53 million of class B floating-rate notes, $24.5 million of class C floating-rate notes, $31 million of class D floating-rate notes, $29.5 million of class E floating-rate notes and $52 million of subordinated notes.

GSO/Blackstone was most recently in the primary market on July 31 with the $615.55 million Birchwood Park CLO, Ltd./Birchwood Park CLO LLC deal.

The New York City-based subsidiary of alternative asset manager GSO Capital Partners LP has brought three U.S. CLO transactions in 2014.

Also on the deal calendar, Credit Suisse Asset Management, LLC plans to bring a previously reported $1 billion CLO transaction, the firm’s second $1 billion offering in 2014.

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

On July 7, the New York-based firm priced $1,036,000,000 of notes due July 21, 2026 in the Madison Park Funding XIV Ltd./Madison Park Funding XIV LLC CLO transaction.

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