Marathon markets $432.35 million of notes due 2025 in CLO offering

By Cristal Cody

Tupelo, Miss., Oct. 27 – Marathon Asset Management LP intends to bring $432.35 million of notes due Nov. 15, 2025 in a collateralized loan obligation deal, according to a market source.

The Marathon CLO VII Ltd./Marathon CLO VII LLC offering includes $257.5 million of class A-1 floating-rate notes (Aaa/AAA/); $51.9 million of class A-2 floating-rate notes (/AA/); $34.4 million of class B deferrable floating-rate notes (A2/A/); $27 million of class C deferrable floating-rate notes (/BBB-/); $17.6 million of class D deferrable floating-rate notes (/BB-/) and $43.95 million of subordinated notes.

JP Morgan Securities LLC is the placement agent.

Marathon Asset Management will manage the CLO.

The notes are non-callable until No. 15, 2016. The reinvestment period ends Nov. 15, 2018.

The CLO is backed primarily by broadly syndicated senior secured corporate loans.

Marathon Asset Management was last in the primary market on April 11 when it placed the $490.25 million Marathon CLO VI Ltd./Marathon CLO VI LLC transaction.

The New York City-based credit manager priced the $614.25 million Marathon CLO V Ltd. deal in 2013.

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