CBAM prices $1.7 billion notes in two new CLOs; THL plans first offering of year

By Cristal Cody

Tupelo, Miss., June 15 – CBAM CLO Management LLC brought more than $1.7 billion of notes in two new CLO transactions to the primary market in the past month.

The CLO manager priced $1 billion of notes in a CLO in May and placed $756 million of notes in a new CLO offering in the previous week.

In other deal action, THL Credit Advisors LLC is marketing a new $511.5 million CLO. The offering is the manager’s first CLO transaction of 2018. THL was in the primary market in 2017 with four new CLOs.

More than $50 billion of new issue CLOs have priced year to date, according to market sources.

CBAM places two CLOs

CBAM CLO Management priced $1,005,300,000 of notes due July 15, 2031 in the CBAM 2018-6, Ltd./CBAM 2018-6 LLC deal that has closed, according to a market source and a company news release on Friday.

CBAM 2018-6 sold $650 million of class A notes at Libor plus 94 basis points in the senior tranche.

Goldman Sachs & Co. LLC was the placement agent.

CBAM CLO Management also sold $756 million of notes in the CBAM 2018-7, Ltd./CBAM 2018-7 LLC deal, according to a market source and news release.

BofA Merrill Lynch was the placement agent.

Additional pricing terms were not immediately available.

CBAM CLO Management has closed on two CLOs so far in 2018 and priced three CLOs year to date.

The New York City-based portfolio company of private investment firm Eldridge Industries priced three $1 billion-plus CLO transactions in 2017. CBAM has priced $7.9 billion of CLOs since August 2016.

THL offers $511.5 million

THL Credit Advisors plans to price $511.5 million of notes due July 15, 2030 in the THL Credit Wind River 2018-1 CLO Ltd./THL Credit Wind River 2018-1 LLC transaction, according to a market source.

The deal is expected to include $298.75 million of class A-1 senior secured floating-rate notes (Aaa); $28.75 million of class A-2 senior secured floating-rate notes (Aaa); $52.5 million of class B senior secured floating-rate notes; $35 million of class C mezzanine secured deferrable floating-rate notes; $25 million of class D mezzanine secured deferrable floating-rate notes; $20 million of class E mezzanine secured deferrable floating-rate notes and $51.5 million of subordinated notes.

Morgan Stanley & Co. LLC is the placement agent.

In 2017, THL Credit Advisors priced four new CLOs and refinanced six vintage CLOs.

The Boston-based alternative credit investment firm priced two new CLOs and one refinanced CLO in 2016.

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