MidOcean prices $613.5 million in its first CLO deal of year; secondary market volume light

By Cristal Cody

Tupelo, Miss., July 6 – MidOcean Credit Fund Management LP closed on $613.5 million of notes on Thursday in its first CLO deal of the year and its first CLO structured to comply with U.S. risk-retention rules, according to market sources and a company news release.

“The successful closing of CLO VII, MidOcean’s largest CLO to date, demonstrates our ability to structure transactions that meet the demands of our investors in a dynamic regulatory environment,” Jim Wiant, managing director at MidOcean Credit Partners, said in the release.

MidOcean has closed on seven CLOs totaling about $3.1 billion since January 2013.

CLO managers have priced about $44 billion of new CLOs and refinanced nearly $100 billion vintage CLOs year to date, according to market sources and Prospect News data.

In other activity, secondary market volume has been light over the holiday week. On Wednesday, $17.36 million of investment-grade CBO/CDO/CLO issues and $105.02 million of non-high-grade securities were traded, according to Trace. The securitized secondary market did not register enough volume on Monday.

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