March CLO primary strong; BlueMountain, Acis, Sound Point, GSO/Blackstone among issuers

By Cristal Cody

Tupelo, Miss., March 17 – March primary action remains strong with more than $4 billion of CLOs priced in seven deals in the U.S. and European CLO markets, according to informed sources.

GSO/Blackstone Debt Funds Management LLC tapped the market with a $616.8 million CLO deal. The AAAs priced at Libor plus 150 basis points.

Benefit Street Partners LLC brought a $611.49 million CLO offering and placed the AAA notes at Libor plus 155 bps.

BlueMountain Capital Management LLC raised $507.1 million in a CLO transaction and priced the AAA slice at Libor plus 151 bps.

Also in the U.S. primary market, Acis Capital Management, LP priced a $578.35 million CLO deal. The AAA slice priced at Libor plus 159 bps.

Sound Point Capital Management LP brought a $625 million CLO offering and placed the AAA slice at Libor plus 153 bps.

Oak Hill Advisors, LP priced a $656.04 million CLO deal and sold the AAA-rated notes at Libor plus 150 bps.

In the European primary market, Portugal-based bank Caixa Economica Montepio Geral priced a €1,124,300,000 CLO deal backed by Portuguese small- and medium-sized enterprise loans, according to a market source. The AAA slice priced at Euribor plus 115 bps.

GSO/Blackstone prices CLO

GSO/Blackstone Debt Funds Management priced a $616.8 million six-part CLO transaction via Goldman Sachs & Co., according to a market source.

Treman Park CLO Ltd./Treman Park CLO LLC sold $390 million of class A floating-rate notes at Libor plus 150 bps at the top of the capital structure.

GSO/Blackstone will manage the CLO.

GSO/Blackstone previously was in the market in February with the $509.44 million Dorchester Park CLO Ltd./Dorchester Park CLO LLC deal.

The New York City-based subsidiary of alternative asset manager GSO Capital Partners LP priced five U.S. CLO transactions in 2014.

Benefit Street taps market

Benefit Street Partners priced $611.49 million of notes in a seven-tranche CLO transaction, according to a market source.

Benefit Street Partners VI, Ltd. sold $354.25 million of class A-1a floating-rate notes at Libor plus 155 bps in the senior tranche.

Deutsche Bank Securities Inc. was the placement agent.

Benefit Street Partners will manage the CLO.

The New York City-based credit investment arm of Providence Equity Partners LLC brought two CLO deals in 2014.

BlueMountain sells CLO

BlueMountain Capital Management sold $507.1 million of notes due March 25, 2027 in a seven-part CLO offering arranged by Citigroup Global Markets Inc., according to a market source.

BlueMountain CLO 2015-1 Ltd./BlueMountain CLO 2015-1 LLC priced $310 million of class A-1 senior secured floating-rate notes at Libor plus 151 bps at the top of the capital stack.

BlueMountain Capital Management will manage the CLO.

The CLO is backed primarily by broadly syndicated first-lien senior secured corporate loans.

New York City-based BlueMountain Capital Management brought four CLO deals in 2014.

Acis sells $578.35 million

Acis Capital Management priced $578.35 million of notes due May 1, 2027 in an eight-tranche CLO offering, according to a market source.

ACIS CLO 2015-6 Ltd./ACIS CLO 2015-6 LLC sold $300 million of class A-1 floating-rate notes at Libor plus 159 bps at the top of the capital structure.

Jefferies LLC arranged the deal.

Acis Capital Management will manage the CLO.

The CLO is backed primarily by a revolving pool of broadly syndicated senior secured corporate loans.

Acis Capital Management, an affiliate of Dallas-based Highland Capital Management, LP, brought three CLO deals in 2014.

Sound Point taps market

Sound Point Capital Management brought a $625 million nine-part CLO deal of floating-rate notes and loans according to a market source.

Sound Point CLO VIII, Ltd./Sound Point CLO VIII Inc. priced $340 million of class A floating-rate notes at Libor plus 153 bps in the senior tranche.

Morgan Stanley & Co. LLC was the placement agent.

Sound Point Capital Management will manage the CLO.

New York City-based asset management firm Sound Point Capital priced three CLO deals in 2014.

Oak Hill prices $656 million

Oak Hill Advisors priced a $656.04 million eight-tranche CLO deal via J.P. Morgan Securities LLC, according to details from a market source.

Oak Hill Funding Ltd. sold $416 million of class A floating-rate notes at Libor plus 150 bps.

Oak Hill Advisors will manage the CLO.

New York City-based investment firm Oak Hill Advisors priced three CLO deals in 2014.

Caixa Economica active

In the European primary market, Caixa Economica Montepio Geral priced a €1,124,300,000 five-part CLO offering of notes due Feb. 25, 2043, according to a market source.

Sagres STC SA/Pelican SME No. 2 sold €545.9 million of class A floating-rate notes (//A+/) at Euribor plus 115 bps at the top of the stack.

RBS Securities Inc. was the placement agent.

The CLO is secured by a €1,092,000,000 revolving pool of term loans and credit lines granted to Portuguese small- and medium-sized enterprises originated and served by Caixa.

Caixa Economica Montepio Geral is a bank based in Rua Aurea, Lisboa, Portugal.

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