Carlyle prices $815.8 million CLO; CVP brings $520.75 million; Carlyle, CSAM refinance

By Cristal Cody

Tupelo, Miss., July 29 – Carlyle Investment Management LLC tapped the U.S. market with an $815.8 million offering of collateralized loan obligation notes, according to a market source on Tuesday.

Carlyle Global Market Strategies CLO 2014-3, Ltd./Carlyle Global Market Strategies CLO 2014-3 LLC priced $359.4 million of notes in the AAA-rated tranche at Libor plus 146 basis points.

Citigroup Global Markets Inc. was the placement agent.

The deal is the third U.S. CLO transaction that Carlyle, part of the Washington, D.C.-based Carlyle Group, has priced in 2014.

In other issuance, details emerged on the $520.75 million CLO deal that Greenwich, Conn.-based Credit Value Partners LP brought.

CVP Cascade CLO-2 Ltd./CVP Cascade CLO-2 LLC sold $316.25 million of class A-1 floating-rate notes (Aaa/AAA/) at Libor plus 153 bps, according to a market source.

Credit Suisse Securities (USA) LLC was the placement agent.

Fitch Ratings said in a statement on Tuesday that U.S. CLOs finished the first half of the year “with the most active quarter since the inception of the market.”

In the second quarter, 65 U.S. CLOs totaling nearly $37 billion priced, Fitch said.

“While credit protection on U.S. senior CLO notes remains stable, the number of fixed rate tranches included in new issue CLO capital structures has increased,” Fitch senior director Derek Miller said in the release.

More than $80 billion of CLOs have priced in the U.S. and European markets year to date, according to data compiled by Prospect News.

Vintage 2012 CLOs refinanced

Details emerged on two vintage 2012 refinancing deals.

Carlyle Investment Management LLC sold $462.5 million of notes at par in a refinancing of the Carlyle Global Market Strategies CLO 2012-2, Ltd./Carlyle Global Market Strategies CLO 2012-2 LLC transaction, according to a market source.

The CLO priced the $323 million tranche of AAA-rated notes at Libor plus 130 bps.

Citigroup Global Markets Inc. was the refinancing agent.

Credit Suisse Asset Management, LLC refinanced $348.75 million of notes in the Madison Park Funding VIII Ltd./Madison Park Funding VIII LLC deal, a source said. The CLO sold $252.5 million of AAA-rated notes at Libor plus 125 bps.

Citigroup Global Markets Inc. was the refinancing agent.

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