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Octagon raises $722 million; Prudential, Greywolf price; BlueMountain eyes $408.6 million
By Cristal Cody
Tupelo, Miss., Dec. 2 – U.S. CLO annual deal totals climbed to more than $121 billion following about $2.28 billion of new issuance from Octagon Credit Investors, LLC, Prudential Investment Management, Inc., Carlyle Investment Management LLC and Greywolf Capital Management LP, according to market sources.
Octagon Credit Investors priced the AAA-rated notes in its CLO deal at Libor plus 148 basis points.
Prudential Investment Management brought the AAA notes in the Dryden 36 Senior Loan Fund/Dryden 36 Senior Loan Fund LLC transaction at Libor plus 147 bps.
Carlyle Investment Management placed the AAA slice in its offering at Libor plus 152 bps.
In the Greywolf Capital Management transaction, the AAA tranche priced at Libor plus 153 bps.
The deal pipeline is expected to see steady issuance in the first half of the month before activity winds down for the year, according to market sources.
Coming up, BlueMountain Capital Management LLC intends to price a $408.6 million CLO offering, according to market sources. The AAA notes are talked to price in the Libor plus 155 bps to Libor plus 160 bps area.
Octagon Credit Investors raised $722.2 million of notes due Nov. 25, 2025 in the CLO transaction, according to a market source.
Octagon Investment Partners XXII, Ltd./Octagon Investment Partners XXII, LLC sold $424.5 million of class A senior secured notes at Libor plus 148 bps at the top of the capital stack.
Morgan Stanley & Co. LLC was the placement agent.
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