Arrowpoint prices; Telos, JMP, Steele Creek Investment Management to tap CLO market

By Cristal Cody

Tupelo, Miss., Feb. 19 - Arrowpoint Asset Management LLC priced an upsized $460.25 million of notes due 2026 in a new collateralized loan obligation offering via Jefferies LLC, according to an informed source on Wednesday.

Pricing details for the Arrowpoint CLO 2014-2 Ltd./Arrowpoint CLO 2014-2 Corp. transaction were not available by press time. The deal was upsized from $419 million.

Denver-based Arrowpoint Asset Management was last in the CLO primary market in April with the $310.2 million Arrowpoint CLO 2013-1 Ltd./Arrowpoint CLO 2013-1 LLC offering.

Although CLO issuance has slowed for the first part of 2014, the primary market is expected to ramp up in the spring, according to informed sources.

Telos Asset Management LLC, Steele Creek Investment Management LLC and JMP Group Inc. all have CLO deals in the pipeline through April, according to market sources.

"There's a lot of activity going on," a source said.

Telos readies CLO

Telos Asset Management is expected to price $350 million to $400 million of notes in the CLO transaction, according to an informed source.

The company reported in October that it planned an offering called Telos CLO 2013-5, Ltd., which had entered into a $140 million credit facility in anticipation of the issuance of CLO notes.

Telos brought two CLO transactions in 2013 that included the $365.3 million Telos CLO 2013-4, Ltd. deal and the $361.4 million Telos CLO 2013-3, Ltd. offering.

The firm, a subsidiary of New York-based Tiptree Financial Inc., has about $1.53 billion of assets under management in four matched funded CLOs and a CLO warehouse.

JMP to price CLO

JMP Group plans to bring a $350 million to $400 million CLO transaction, an informed source said.

JMP Credit Advisors LLC will manage the CLO.

The San Francisco-based investment banking and asset management firm was in the market in 2013 with the $343.8 million JMP Credit Advisors CLO II Ltd./JMP Credit Advisors CLO II LLC transaction.

Steele Creek preps deal

Steele Creek Investment Management is underway with marketing for a $350 million to $400 million CLO deal, according to an informed source.

Steele Creek Investment Management, a subsidiary of global advisory firm Moelis & Co. LLC, is an asset management firm based in Charlotte, N.C.

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