ICG, TPG price; Neuberger Berman, GSO/Blackstone refinance; Pramerica considers add-on

By Cristal Cody

Tupelo, Miss., July 22 – New issuance remains light following thin primary action in the previous week, though several deals are expected to price soon, according to market sources on Tuesday.

“US CLO origination should continue to slow down from the accelerated pace over the first half of July, which saw $7.5 billion in new deals,” J.P. Morgan Securities LLC analysts said in a note.

Less than $8 billion of CLO deals are in the pipeline, according to a market source.

The previous week saw only two deals price and was the slowest week in the primary market since the week ended April 25, the JPMorgan analysts said.

Details emerged for ICG Debt Advisors LLC’s $417 million transaction. The ICG US CLO 2014-2, Ltd./ICG US CLO 2014-2 LLC priced $247 million of AAA-rated notes at Libor plus 145 basis points.

Morgan Stanley & Co. LLC arranged the offering.

TPG Global, LLC also brought a $513.5 million CLO deal, the TICP CLO II, Ltd./TICP CLO II, LLC vehicle, and priced the AAA notes at Libor plus 145 bps, according to a market source.

Citigroup Global Markets Inc. was the placement agent.

Neuberger Berman Fixed Income LLC and GSO/Blackstone Debt Funds Management LLC refinanced vintage 2012 CLO deals, according to market sources.

Meanwhile, Pramerica Investment Management Ltd. may be in the pipeline with a tap of the Dryden XXVII Euro CLO 2013 BV deal, according to an investor notice on Tuesday.

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