CLO calendar fills; Feingold O’Keefe in pipeline; Tennenbaum plans middle-market CLO

By Cristal Cody

Tupelo, Miss., Oct. 17 – More than $100 billion of CLOs have priced year to date, with no let-up in primary issuance expected over the rest of the month, according to market sources on Friday.

Feingold O’Keefe Capital, LLC plans to bring a $515 million CLO deal via Credit Suisse Securities (USA) LLC, a source said.

The firm’s Hull Street CLO Ltd./Hull Street CLO LLC offering includes $316 million of class A floating-rate notes (/AAA/); $60 million of class B floating-rate notes (/AA/); $38 million of class C deferrable floating-rate notes (/A/); $25.25 million of class D deferrable floating-rate notes (/BBB/); $20.75 million of class E deferrable floating-rate notes (/BB/); $10 million of class F deferrable floating-rate notes (/B/) and $45 million of subordinated notes.

The deal is the Boston-based alternative asset investment firm’s second CLO transaction of the year. Feingold O’Keefe previously priced the $414 million Staniford Street CLO Ltd./Staniford Street CLO LLC vehicle in March.

In the middle-market CLO sector, Tennenbaum Capital Partners LLC intends to price $335.5 million of loans and notes due 2024, according to a market source.

The Tennenbaum Senior Loan Funding III LLC deal includes $35 million of class A-R floating-rate loans (/AAA/), $100 million of class A-1T floating-rate loans (/AAA/), $60.5 million of class A-2T floating-rate loans (/AAA/) and $142 million of equity notes.

Natixis Securities Americas LLC is the placement agent.

The transaction is Tennenbaum’s second CLO deal in 2014. The Los Angeles-based alternative investment management firm brought the $277.75 million Tennenbaum Senior Loan SPV 2014-1 LLC transaction in February.

Coming up in the European CLO primary market, Apollo Global Management, LLC plans a €360 million transaction, following the firm’s June €382.4 million ALME Loan Funding II Ltd. deal, according to a market source.

Apollo Global Management is set to price the ALME Loan Funding III Ltd. offering via Citigroup Global Markets Inc.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.