GSO/Blackstone brings firm’s fifth U.S. CLO; PineBridge preps deal; Conning to buy Octagon

By Cristal Cody

Tupelo, Miss., Nov. 5 – Details emerged on new CLO issuance from GSO/Blackstone Debt Funds Management LLC, which brought the firm’s fifth new U.S. deal of the year.

GSO/Blackstone Debt Funds Management priced a $435.82 million CLO offering of fixed-rate, floating-rate and subordinated notes and loans.

Year to date, total new CLO broadly syndicated volume is more than $86 billion, according to market sources.

With less than two months to the end of the year, market insiders forecast more than $10 billion of volume remains to be issued in the U.S. broadly syndicated CLO market.

Coming up in the deal pipeline, PineBridge Investments LLC plans to price a $411.2 million CLO.

In other market activity, Hartford, Conn.-based insurer asset manager Conning announced it plans to acquire CLO manager Octagon Credit Investors, LLC.

New York-based Octagon was most recently in the CLO primary market on Sept. 30 with the Octagon Investment Partners 25, Ltd./Octagon Investment Partners 25, LLC transaction. The CLO manager has priced four CLOs year to date.

“Partnering with Conning will not only provide Octagon with additional capital to meet regulatory risk retention requirements and strengthen our position as a leading U.S. CLO manager, but will also help us develop and deliver a broader range of investment solutions to our collective global investor base,” Octagon chief executive officer Andy Gordon, who will remain in the position following the deal, said in a statement.

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