CLO issuance climbs; TCW brings first CLO deal of year; ICG offers $411.2 million CLO

By Cristal Cody

Tupelo, Miss., Nov. 26 – CLO primary activity is expected to continue at a steady pace through the rest of the year following the Thanksgiving Day holiday, according to market sources on Wednesday.

In new issuance, TCW Group, Inc. priced a $413.06 million CLO transaction, the firm’s first offering this year, a source said.

U.S. dollar-denominated CLO issuance year to date has climbed to more than $118 billion, according to data compiled by Prospect News.

Market participants forecast up to $125 billion of issuance for the year.

Coming up in the near-term pipeline, ICG Debt Advisors LLC plans to bring a $411.2 million CLO offering, according to a source.

TCW Group priced $413.06 million of notes due Jan. 15, 2027 in the Figueroa CLO 2014-1, Ltd./Figueroa CLO 2014-1, LLC transaction, according to a market source.

The CLO sold $256 million of class A floating-rate notes at Libor plus 155 basis points at the top of the capital structure. At the bottom of the stack, the CLO priced $8 million of class F floating-rate notes at Libor plus 650 bps.

Wells Fargo Securities LLC was the placement agent.

ICG Debt Advisors LLC plans to price $411.2 million of notes due Dec. 15, 2026 in the ICG US CLO 2014-3, Ltd./ICG US CLO 2014-3 LLC offering, according to a market source.

Citigroup Global Markets Inc. is the placement agent.

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