THL, Och-Ziff, CIFC round out issuance; Tall Tree, Steele Creek bring deals; volume strong

By Cristal Cody

Tupelo, Miss., Aug. 8 – The week saw new collateralized loan obligation issuance from THL Credit Advisors LLC, Och-Ziff Loan Management LP and CIFC Asset Management LLC, according to market sources on Friday.

The CLO market remains strong with more than $88 billion of transactions priced year to date in the U.S. and European markets, according to data compiled by Prospect News.

Market analysts forecast up to $120 billion of total issuance for the year.

“The CLO machine continues to produce new deals, and volumes have far surpassed most market participants’ expectations of what could get done in the first seven months of 2014,” Barclays analysts Bradley Rogoff and Eric Gross said in a note on Friday.

THL Credit Advisors sold $642.85 of notes in the THL Credit Wind River 2014-2 CLO Ltd./THL Credit Wind River 2014-2 LLC deal.

The CLO priced $140 million of class A-1 floating-rate notes at Libor plus 151 basis points, a market source said.

GreensLedge Capital Markets LLC arranged the offering.

In other new issuance, details emerged for Tall Tree Investment Management, LLC’s $413.1 million CLO offering.

The Nelder Grove CLO 2014-1 Ltd. vehicle sold $218 million of class A-1 floating-rate notes at Libor plus 156 bps, according to a market source.

Jefferies LLC arranged the deal.

Also in the CLO primary market, Steele Creek Investment Management LLC brought $413.5 million of notes in a deal in the pipeline since early spring, according to a market source.

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