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CLO pipeline falls to $7.9 billion; Prudential, Sound Point Capital Management plan deals
By Cristal Cody
Tupelo, Miss., July 18 – CLO primary action slowed over the week along with other markets as late summer doldrums set in, though the market is far from taking a lengthy vacation and issuance is expected to be busy through the end of the month, insiders report.
The near-term CLO deal pipeline dropped to $7.9 billion, according to a market source on Friday.
Prudential Investment Management, Inc. firmed details for a $666.5 million CLO transaction, upsized from an initial $615 million estimated offering, a market source said.
The Dryden 34 Senior Loan Fund/Dryden Senior Loan Fund LLC deal includes $409.5 million of class A floating-rate notes (//AAA); $84 million of class B floating-rate notes; $32 million of class C floating-rate notes; $39 million of class D floating-rate notes; $31.5 million of class E floating-rate notes; $20.75 million of class F floating-rate notes and $49.75 million of subordinated notes.
Credit Suisse Securities (USA) LLC is the placement agent.
Also coming up, Sound Point Capital Management LP is in the pipeline with its second CLO deal of the year, according to a market source.
The New York City-based asset management firm plans to offer $524.88 million of fixed- and floating-rate notes due Aug. 18, 2026 in the Sound Point CLO VI, Ltd./Sound Point CLO VI Inc. transaction.
Morgan Stanley & Co. LLC is the placement agent.
Highbridge Principal Strategies LLC also plans to hit the market with the $513.5 million Highbridge Loan Management 4-2014 Ltd./Highbridge Loan Management 4-2014 LLC transaction.
BofA Merrill Lynch is the placement agent.
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