Steele Creek prices $405.6 million; CVC brings euro deal; THL closes middle-market CLO

By Cristal Cody

Tupelo, Miss., April 23 – Steele Creek Investment Management LLC and CVC Credit Partners Group Ltd. priced new CLOs, while THL Credit Advisors LLC closed on a middle-market deal.

Steele Creek Investment Management priced a $405.6 million broadly syndicated offering.

CVC Credit Partners Group sold €412.2 million of notes in its transaction.

Meanwhile on Tuesday, THL Credit Advisors announced it closed on its first middle-market CLO deal.

THL sold $410.5 million of notes due April 15, 2030 in the previously reported THL Credit Lake Shore MM CLO I Ltd. transaction via Deutsche Bank Securities Inc. on March 8. The CLO priced the AAA-rated tranche at Libor plus 170 basis points.

The Boston-based alternative credit investment firm said in a news release that the “offering represents THL Credit’s first collateralized loan obligation that includes middle market leveraged loans.”

With the completion of the deal, THL Credit said it and its affiliates now manage 24 CLOs totaling approximately $13 billion in assets.

“THL Credit has been originating middle market loans for the past 10 years and we find the risk adjusted returns compelling for our dedicated direct lending funds,” Michael A. Herzig, managing director of THL Credit, said in the release.

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