Guggenheim, 3i, Symphony bring more than $1.5 billion of deals; CLO issuance climbs

By Cristal Cody

Tupelo, Miss., Nov. 13 – About $1.5 billion of new CLOs priced, bringing year-to-date issuance to more than $114 billion, according to market sources and data compiled by Prospect News on Thursday.

Guggenheim Partners Investment Management, LLC tapped the market with a $512.75 million offering of notes due Oct. 17, 2026 in the Ziggurat CLO Ltd./Ziggurat CLO LLC deal, a source said.

The CLO placed $290 million of class A-1 senior secured floating-rate notes (Aaa//AAA) at Libor plus 158 basis points at the top of the capital structure. The CLO priced $10 million of class F deferrable floating-rate notes (B2) at Libor plus 600 bps at the end of the structure.

BofA Merrill Lynch was the placement agent.

The CLO has a four-year reinvestment period that may be extended for up to five years.

The deal is the first offering for Guggenheim, a New York- and Chicago-based investment management firm, since May when it priced a $76.1 million add-on to the vintage 2012 Guggenheim Private Debt Fund Note Issuer, LLC vehicle.

3i Debt prices

Also in the primary market, 3i Debt Management U.S. LLC sold $411 million of notes due Jan. 17, 2027 via BofA Merrill Lynch, according to a market source.

The Jamestown CLO V Ltd./Jamestown CLO V Corp. vehicle priced $256 million of class A senior secured floating-rate notes at Libor plus 158 bps at the top of the stack and $8 million of class F senior secured deferrable floating-rate notes at Libor plus 585 bps at the bottom of the capital structure.

3i Debt Management was last in the primary market in May with the $617.4 million Jamestown CLO IV Ltd./Jamestown CLO IV Corp. deal.

The firm, a subsidiary of London-based 3i Group plc, brought the $515.9 million Jamestown CLO III Ltd. transaction in 2013.

Symphony taps market

Symphony Asset Management LLC placed the $622.5 million Symphony CLO XV, Ltd./Symphony CLO XV LLC deal via BofA Merrill Lynch, according to a market source.

At the top of the capital structure, the CLO sold $378 million of class A floating-rate notes at Libor plus 145 bps. At the bottom, the CLO priced $12 million of class F floating-rate notes at Libor plus 575 bps.

Symphony Asset Management was previously in the primary market in May with the $838 million Symphony CLO XIV, Ltd./Symphony CLO XIV LLC deal.

The San Francisco-based asset management firm brought two CLO transactions in 2013.

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