Oaktree brings $708 million three-part CLO; Sankaty, KKR, Angelo Gordon price; AAAs stable

By Cristal Cody

Tupelo, Miss., Aug. 18 – CLO managers including Oaktree Capital Management, LP tapped the market, while late-month primary activity is expected to wane, according to sources on Monday.

Oaktree Capital priced the AAA notes in the $708 million three-tranche Oaktree EIF II Series A1 Ltd./Oaktree EIF II Series A1 LLC deal at Libor plus 147 basis points.

MUFG was the placement agent.

The offering is the Los Angeles-based asset management firm’s first U.S. CLO deal since January.

Also in the primary market, Angelo, Gordon & Co., LP raised $617.8 million in the Northwoods Capital XII Ltd./Northwoods Capital XII LLC deal via Goldman Sachs & Co., according to a market source.

The CLO priced $376.2 million of notes in the AAA slice at Libor plus 150 bps.

The deal is the second offering this year from the New York City-based alternative investment manager.

KKR Financial Advisors II, LLC brought $518 million of notes in the KKR CLO 9 Ltd./KKR CLO 9 LLC transaction in the firm’s first U.S. deal in 2014.

The CLO placed the AAA-rated tranche at Libor plus 147 bps, a market source said.

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

KKR Financial Advisors, a subsidiary of KKR Asset Management, LLC, priced two CLO transactions in 2013.

In other CLO issuance in the U.S. market, Sankaty Advisors LLC refinanced $350.75 million of notes in a vintage 2012 deal, according to a market source.

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