PGIM, Carlyle, American Money price managers’ first CLOs of year; secondary market active

By Cristal Cody

Tupelo, Miss., March 14 – Three CLO managers priced their first new CLO deals of the year in March.

Prudential Investment Management, Inc. affiliate PGIM, Inc. placed a $714.5 million CLO.

Carlyle Investment Management LLC subsidiary Carlyle CLO Management LLC brought a $611.71 million CLO to the primary market.

American Money Management Corp. priced $407.9 million of notes in its new offering.

About $14 billion of new CLOs have priced year to date, according to market sources.

In other activity, $60.5 million of high-grade CBO/CDO/CLO issues and $294.33 million of non-investment-grade securities were traded in the secondary market on Monday, according to Trace.

In its deal, PGIM priced $714.5 million of notes due April 15, 2028 in the Dryden 47 Senior Loan Fund deal, according to a market source.

The CLO priced $434 million of class A-1 senior secured floating-rate notes at Libor plus 124 basis points and $35 million of class A-2 senior secured floating-rate notes at Libor plus 135 bps in the senior tranches.

Goldman Sachs & Co. was the placement agent.

Meanwhile, Carlyle CLO Management priced $611.71 million of notes due April 20, 2031 in the broadly syndicated CLO transaction, according to a market source.

Carlyle US CLO 2017-1 Ltd. sold $302.23 million of class A-1A floating-rate notes at Libor plus 130 bps at the top of the capital stack.

Citigroup Global Markets Inc. was the placement agent.

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