New AAAs mixed; PineBridge taps market; Prudential in pipeline; THL closes on sixth CLO

By Cristal Cody

Tupelo, Miss., Jan. 29 – U.S. CLO AAA notes have priced in January as tight as Libor plus 140 basis points and as wide as Libor plus 160 bps, according to a market source.

“Some [new issue] spreads are wider,” the source said.

CLO manager 3i Debt Management U.S. LLC priced an upsized $759.8 million CLO, the Jamestown CLO VI Ltd./Jamestown CLO VI Corp. offering, via Citigroup Global Markets Inc. and placed the AAA notes at Libor plus 160 bps.

GC Investment Management LLC sold $404.75 million of notes in the Golub Capital Partners CLO 22 (B) Ltd./Golub Capital Partners CLO 22 (B) LLC deal. The AAA tranche priced at Libor plus 140 bps. J.P. Morgan Securities LLC arranged the transaction.

Earlier in the month, CVC Credit Partners, LLC priced the $509.25 million Apidos CLO XX/Apidos CLO XX LLC deal and placed the $320 million tranche of AAA notes at Libor plus 155 bps. Credit Suisse Securities (USA) LLC was the placement agent.

In new pricing action, PineBridge Investments LLC sold $510 million of notes due 2027 in the Galaxy XIX CLO Ltd./Galaxy XIX CLO LLC transaction, a source said. Citigroup was the placement agent. Final pricing details were not available by press time.

Prudential offers CLO

Coming up in the deal pipeline, Prudential Investment Management, Inc. plans to price $509.05 million of notes due April 15, 2027, a source said.

The Dryden 37 Senior Loan Fund/Dryden 37 Senior Loan Fund LLC transaction includes $320 million of class A floating-rate notes (//AAA); $62.3 million of class B floating-rate notes; $22.2 million of class C floating-rate notes; $31.1 million of class D floating-rate notes; $25.65 million of class E floating-rate notes; $8.75 million of class F floating-rate notes and $39.05 million of subordinated notes.

J.P. Morgan Securities LLC is the placement agent.

Prudential, the primary asset management arm of Newark, N.J.-based Prudential Financial, Inc., brought three U.S. CLO deals in 2014.

THL wraps sixth CLO

THL Credit Senior Loan Strategies LLC, a subsidiary of THL Credit Advisors LLC, announced that it closed Thursday on the $408.68 million THL Credit Wind River 2014-3 CLO Ltd./THL Credit Wind River 2014-3 CLO LLC transaction.

The deal priced on Dec. 18.

The CLO sold $253 million of AAA-rated notes at Libor plus 162 bps.

Deutsche Bank Securities Inc. arranged the offering.

“We are pleased to have closed our fourth CLO transaction with Deutsche Bank since 2012,” Michael A. Herzig, managing director of THL Credit, said in the release.

THL Credit said it has closed on six new CLO deals totaling $3.1 billion since December 2012.

The Boston-based alternative credit investment manager brought three CLO transactions in 2014.

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