Neuberger, Angelo Gordon, Regiment Capital price CLOs; West Gate returns to primary

By Cristal Cody

Tupelo, Miss., Dec. 1 – Details emerged on new CLO issuance from Neuberger Berman Fixed Income LLC, Angelo, Gordon & Co., LP, Regiment Capital Management, LLC and West Gate Horizons Advisors, LLC, which returned to the primary market for the first time in 2014, sources said.

“First tier managers are getting in the 150 basis points context,” one informed source said.

Neuberger Berman Fixed Income priced the AAA-rated tranche of notes in the Neuberger Berman CLO XVIII, Ltd./Neuberger Berman CLO XVIII, LLC deal at Libor plus 148 bps, according to a market source.

Angelo, Gordon & Co. placed the AAA slice in its CLO transaction at Libor plus 160 bps, a source said.

Regiment Capital Management priced the AAA notes in the Cavalry CLO V, Ltd./Cavalry CLO V, LLC offering on the tight side of recent deals at Libor plus 137 bps, a market source said.

West Gate Horizons Advisors sold the AAA-rated tranche in the Ocean Trails CLO V/Ocean Trails CLO V LLC transaction at Libor plus 150 bps, according to a market source.

Neuberger Berman prices

Neuberger Berman Fixed Income priced $512.85 million of notes due Nov. 14, 2025 in the Neuberger Berman CLO XVIII transaction via Citigroup Global Markets Inc., according to a market source.

The CLO sold $307.5 million of class A-1 senior secured floating-rate notes at Libor plus 148 bps.

At the bottom of the stack, the CLO priced $20 million of class D mezzanine secured deferrable floating-rate notes at Libor plus 525 bps.

The offering is the firm’s third CLO deal of the year. Neuberger Berman previously priced two CLO offerings, including the $569.75 million Neuberger Berman CLO XVII, Ltd./Neuberger Berman CLO XVII, LLC deal on June 19.

The Chicago-based firm, part of Neuberger Berman Group, LLC, brought two CLO transactions in 2013.

Angelo, Gordon taps market

Angelo, Gordon & Co. sold $507.3 million of notes due 2025 in the Northwoods Capital XIV Ltd./Northwoods Capital XIV LLC CLO offering, according to a market source.

The CLO priced $316 million of class A senior secured floating-rate notes (Aaa/AAA/) at Libor plus 160 bps at the top of the capital structure.

The CLO sold $24 million of class E deferrable floating-rate notes (/BB/) at Libor plus 535 bps at the bottom of the stack.

Goldman Sachs & Co. was the placement agent.

Angelo, Gordon & Co. previously priced two CLO transactions in 2014.

The alternative investment manager is based in New York City.

Regiment Capital prices CLO

Regiment Capital Management brought a $368.45 million CLO offering, according to a market source.

Cavalry CLO V priced $244 million of class A floating-rate notes at Libor plus 137 bps at the top of the capital structure and $20 million of class E floating-rate notes at Libor plus 520 bps at the bottom of the stack.

Deutsche Bank Securities Inc arranged the transaction.

Regiment Capital was previously in the primary market on Aug. 19 with the $407.32 million Cavalry CLO IV, Ltd./Cavalry CLO IV, LLC deal.

The Boston-based asset management firm priced two CLO transactions in 2013.

West Gate Horizons prices

West Gate Horizons Advisors sold $411.9 million of notes due 2026 in the firm’s first CLO deal of the year, according to a market source.

Ocean Trails CLO V priced $185 million of class A-1 floating-rate notes at Libor plus 150 bps at the top of the 10-tranche offering that included fixed-rate and floating-rate notes.

The CLO sold $17.3 million of class E floating-rate notes at Libor plus 535 bps at the bottom of the structure.

Nomura Securities International, Inc. was the placement agent.

West Gate Horizons was last in the primary market in 2013 with the $402.65 million Ocean Trails CLO IV/Ocean Trails CLO IV LLC deal.

The investment adviser firm based in Los Angeles.

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