Benefit Street Partners taps CLO market; Neuberger Berman plans second CLO deal of year

By Cristal Cody

Prospect News, Oct. 29 – Benefit Street Partners LLC tapped the CLO primary market with a new $512 million deal, its third new CLO transaction of the year, according to a market source.

Benefit Street Partners CLO VIII Ltd./Benefit Street Partners CLO VIII LLC sold $247.3 million of class A-1A floating-rate notes at Libor plus 160 basis points, $43 million of class A-1B floating-rate notes at Libor plus 145 bps, $20 million of 3.3% class A-1C fixed-rate notes and $62.4 million of class A-2 floating-rate notes at Libor plus 225 bps at the top of the capital structure.

Citigroup Global Markets Inc. arranged the offering.

The New York City-based credit investment arm of Providence Equity Partners LLC brought two CLO transactions in 2014.

October pricing action picked up after a slow August and September with more than $5 billion of CLOs priced over the month, according to market sources.

So far this year, CLO managers have priced about $96 billion of notes in broadly syndicated CLO deals, middle-market CLO transactions and refinancing transactions, according to data compiled by Prospect News.

Coming up in the deal pipeline, Neuberger Berman Fixed Income LLC is marketing a $511.25 million CLO offering with the senior tranche guided to price at Libor plus 154 basis points.

Morgan Stanley & Co. LLC is the placement agent.

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