Pretium upsizes CLO deal, expands CLO management; TPG prices $932.4 million CLO

By Cristal Cody

Tupelo, Miss., Feb. 14 – CLO deal action remains steady with a new broadly syndicated CLO and a commercial real estate CLO brought to the primary market.

Pretium Credit Management LLC priced the upsized $458 million Crown Point CLO 4, Ltd./Crown Point CLO 4, LLC offering in the first deal in the Crown Point series since 2015.

The last notes priced in the CLO series were sold in 2015 when Valcour Capital Management LLC priced the Crown Point CLO III, Ltd./Crown Point CLO III, LLC deal.

Valcour was acquired by investment firm Pretium Partners, LLC in 2017.

Pretium Credit Management also announced it reached an agreement to assume the management of two CLOs that are currently managed by NewMark Capital LLC.

The NewMark Capital Funding 2013-1 CLO Ltd. and NewMark Capital Funding 2014-2 CLO Ltd. vehicles currently hold about $750 million in assets.

After the NewMark assignments and the Crown Point CLO 4 transaction closes, Pretium said it will manage five CLOs that contain about $1.7 billion of assets under management.

In other primary action, TPG RE Finance Trust, Inc. priced a $932.4 million commercial real estate CLO.

“Our first broadly held CLO marks an important step in our growth and expansion,” Greta Guggenheim, chief executive officer of TPG RE Finance Trust, said in a news release.

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