Valcour returns to primary; Mariner brings $504.75 million CLO; GLG prices €309.1 million

By Cristal Cody

Tupelo, Miss., March 26 – March global CLO issuance remains strong with nearly $15 billion of notes priced in 27 deals over the month, according to market sources and data compiled by Prospect News.

In new U.S. issuance, Valcour Capital Management LLC placed $416 million of notes in the firm’s first CLO deal since 2013.

Natixis Securities Americas LLC arranged the deal.

Valcour Capital Management will manage the CLO.

Also, Mariner Investment Group, LLC priced a $504.75 million short-duration CLO transaction.

In European primary action, GLG Partners LP priced the €309.1 million GLG Euro CLO I Ltd. offering via Morgan Stanley & Co. International plc, according to a market source. Final pricing details were not available by press time.

The deal was expected to include €181 million of class A-1 senior secured floating-rate notes; €5 million of class A-2 senior secured fixed-rate notes; €18 million of class B-1 senior secured floating-rate notes; €12 million of class B-2 senior secured fix-rate notes; €19 million of class C deferrable floating-rate notes; €14.8 million of class D deferrable floating-rate notes; €19.2 million of class E deferrable floating-rate notes; €7 million of class F deferrable floating-rate notes and €33.1 million of subordinated notes.

The notes are due May 1, 2028.

The transaction is set to close on April 30.

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