Och-Ziff prices $510.2 million; KKR taps Europe; short-duration CLO secondary ‘strong’

By Cristal Cody

Tupelo, Miss., Nov. 21 – The U.S. and European CLO markets saw deal action on Friday from Och-Ziff Loan Management LP and KKR Credit Advisors (Ireland), while CLO notes were mostly stable in the secondary market, informed sources said.

“It hasn’t really changed a whole lot over the last couple of weeks,” a trader said. “Things have been bouncing around. New issues had sort of widened out at the bottom of the stack over the last couple of weeks but seem to have stabilized, but there may be a wider range between the first tier managers and the lower tier managers.”

New 2.0 CLO AAA-rated notes were seen from Libor plus 150 basis points to the Libor plus 165 bps area.

Short-duration CLOs have traded “relatively strong” in November, the trader said.

Och-Ziff Loan Management priced $510,208,000 of notes due Jan. 20, 2027 in the CLO offering on Friday, according to a market source.

OZLM IX, Ltd./OZLM IX, LLC sold $317 million of class A-1 floating-rate notes at Libor plus 158 bps at the top of the capital structure. At the bottom, the CLO priced $26.5 million of class D floating-rate notes at Libor plus 515 bps.

Credit Suisse Securities (USA) LLC arranged the offering.

Meanwhile, KKR Credit Advisors (Ireland) priced €414 million of notes due Jan. 21, 2028 in a private placement offering via BNP Paribas Securities Corp. on Friday, according to a market source.

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