York prices $510 million, firm’s first CLO since 2016; high-grade secondary active

By Cristal Cody

Tupelo, Miss., Sept. 21 – York CLO Managed Holdings, LLC priced a $510 million CLO in the firm’s first reported deal in the primary market since 2016.

Broadly syndicated CLO volume year to date totals nearly $80 billion, market sources report.

Elsewhere, the secondary market has been active over the week, mainly in investment-grade securities.

On Thursday, $209.9 million of high-grade CBO/CDO/CLO issues were traded, compared to $130.75 million on Wednesday, $93.4 million on Tuesday and $105.7 million on Monday, according to Trace data.

Securitized secondary trading volume in non-investment-grade CBO/CDO/CLO issues totaled $49.58 million on Thursday, $77.15 million on Wednesday, $36.2 million on Tuesday and $54.05 million on Monday.

York CLO-5 prices

York CLO Managed Holdings priced $510 million of notes due Oct. 22, 2031 in the York CLO-5 Ltd./York CLO-5 LLC deal, according to a market source.

York CLO-5 sold $320 million of class A floating-rate notes at Libor plus 118 basis points in the senior tranche.

Goldman Sachs & Co. LLC arranged the offering.

The transaction is backed primarily by first-lien senior secured loans.

York was last in the new issue primary market in 2016 when it priced two CLOs, including the York CLO-4 Ltd./York CLO-4 LLC transaction.

The New York City-based firm is a subsidiary of York Capital Management Global Advisors, LLC.

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