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Crestline Denali brings second CLO; Trimaran prices manager’s first new issue of year
By Cristal Cody
Tupelo, Miss., Sept. 25 – Details emerged on two new CLOs that priced in the primary market.
Crestline Denali Capital, LP priced a $407.2 million deal on Friday.
In other new issuance, Trimaran Advisors, LLC sold $407.6 million of notes in the firm’s first new CLO offering of the year.
About $84 billion of new CLOs have priced year to date, according to market sources.
Crestline prices
Crestline Denali Capital priced $407.2 million of notes due Oct. 15, 2031 in the transaction, according to a market source.
Crestline Denali CLO XVII, Ltd./Crestline Denali CLO XVII LLC sold $254 million of class A senior secured floating-rate notes at Libor plus 122 basis points in the senior tranche.
Barclays was the placement agent.
The deal is backed mainly by broadly syndicated first-lien senior secured corporate loans.
Crestline Denali has priced two new CLOs year to date.
In 2017, the CLO manager priced one new CLO and refinanced one vintage CLO.
The asset management firm is based in Oak Brook, Ill.
Trimaran taps market
Trimaran Advisors sold $407.6 million of notes due Oct. 25, 2031 in the Catamaran CLO 2018-1 Ltd./Catamaran CLO 2018-1 LLC issue, according to market sources.
The CLO sold $244 million of class A-1 floating-rate notes at Libor plus 125 bps at the top of the capital stack.
Credit Suisse Securities (USA) LLC was the placement agent.
The deal is backed primarily by first-lien senior secured loans.
Trimaran Advisors has priced one new CLO year to date.
The portfolio company of business development company KCAP Financial, Inc. is based in New York.
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