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Prospect News home > News index > List of issuers G > Headlines for Galaxy XIX CLO Ltd./Galaxy XIX CLO LLC > News item
Published on 1/15/2015 in the Prospect News CLO Daily.

Primary action ramps up; PineBridge preps $508.2 million Galaxy XIX CLO; secondary active

By Cristal Cody

Tupelo, Miss., Jan. 15 – CVC Credit Partners, LLC priced $509.25 million of notes due 2027 in the Apidos CLO XX/Apidos CLO XX LLC deal on Thursday, a market source said.

Credit Suisse Securities (USA) LLC was the placement agent.

Final pricing details were not available by press time.

CVC Credit Partners brought three CLO transactions in 2014.

The New York City-based investment management firm is a subsidiary of London-based CVC Capital Partners Ltd.

The CLO secondary market also was more active on Thursday.

“In the middle of about five things,” a trader said.

The CLO primary and secondary markets have been slow to ramp up in 2015, though action is expected to accelerate over the coming weeks, according to informed sources.

PineBridge Investments LLC plans a $508.2 million offering, while Apollo Credit Management (CLO) LLC also is in the pipeline, sources said.

Market analysts forecast up to $120 billion of U.S. CLO issuance in 2015.

PineBridge readies CLO

PineBridge Investments plans to offer $508.2 million of notes due 2027 in the Galaxy XIX CLO Ltd./Galaxy XIX CLO LLC transaction, according to a market source.

The deal includes $313 million of class A-1 notes (/AAA/); $61 million of class A-2 notes (/AA/); $36.5 million of class B deferrable notes (/A/); $27 million of class C deferrable notes (/BBB/); $21.2 million of class D deferrable notes (/BB/); $9 million of class E deferrable notes (/B/) and $40.5 million of subordinated notes.

Citigroup Global Markets Inc. is the placement agent.

PineBridge was previously in the primary market in 2014 with two CLO transactions.

The asset management firm is based in New York City.


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