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Prospect News home > News index > List of issuers N > Headlines for Neuberger Berman Fixed Income LLC > News item
Published on 9/4/2013 in the Prospect News CLO Daily.

CLO market quiet as corporate issuance dominates; pipeline includes European, U.S. deals

By Cristal Cody

Tupelo, Miss., Sept. 4 - The U.S. CLO market stayed quiet on Wednesday as investment-grade and high-yield corporate issuance dominated market activity, according to informed sources.

Several new collateralized loan obligation transactions are expected in September in the U.S. and European markets, sources report.

Avoca Capital Holdings intends to re-enter the European CLO market for the first time since 2008 with a €300 million CLO transaction, according to an informed source.

Credit Suisse Securities (Europe) Ltd. is the placement agent.

The Dublin-based European credit investment manager's last European CLO was the €300 million Avoca CLO IX Ltd. transaction sold in 2008.

In the U.S. pipeline, Neuberger Berman Fixed Income LLC is expected to bring a CLO offering in early September, according to an informed source.

Neuberger Berman plans to sell $400 million of notes via underwriter Wells Fargo Securities LLC.

Also, H.I.G. Capital, LLC intends to sell $410.82 million in the WhiteHorse VII Ltd./WhiteHorse VII LLC transaction.

The deal includes $238.8 million of class A-1L floating-rate notes (/AAA/); $52.4 million of class A-2L floating-rate notes (/AA/); $31.2 million of class A-3L deferrable floating-rate notes (/A/); $20 million of class B-1L deferrable floating-rate notes (/BBB/); $20.8 million of class B-2L deferrable floating-rate notes; $8.8 million of class B-3L deferrable floating-rate notes (/B/) and $38.82 million of subordinated notes.

RBS Securities Inc. is the placemen agent.

H.I.G. WhiteHorse Capital LLC, the credit affiliate of H.I.G. Capital, will manage the CLO, which is backed by broadly syndicated senior secured corporate loans.


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