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.

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.

Valcour sells Crown Point CLO

Valcour Capital Management priced $416 million of notes due Dec. 15, 2027 in a CLO offering, according to a market source.

Crown Point CLO III, Ltd./Crown Point CLO III, LLC sold $200.6 million of class A-1a senior secured floating-rate notes at Libor plus 141 basis points in the offering,

Natixis Securities Americas LLC arranged the deal.

Valcour Capital Management will manage the CLO.

The notes are collateralized primarily by broadly syndicated first-lien senior secured corporate loans.

Proceeds from the offering will be used to purchase a portfolio of about $400 million of mainly senior secured leveraged loans.

Valcour Capital Management previously was in the CLO primary market in 2013 with the $259.95 million Crown Point CLO II, Ltd./Crown Point CLO II, LLC offering.

The investment firm is based in Stamford, Conn.

Mariner prices CLO

Mariner Investment Group priced $504.75 million of notes due April 20, 2023 in the Mariner CLO 2015-1 LLC transaction, according to a market source.

The CLO sold $331 million of class A floating-rate notes at Libor plus 128 bps in the senior slice.

BofA Merrill Lynch was the placement agent.

The transaction is backed primarily by a static pool of broadly syndicated senior secured loans.

Proceeds will be used to purchase assets to reach a target portfolio of about $500 million of mostly leveraged loans.

The transaction is Mariner Investment Group’s second CLO deal. The firm brought its first CLO transaction in December.

Mariner Investment is an alternative asset management firm based in New York City.

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