AXA prices $414 million CLO; Och-Ziff, Credit Suisse also said to have priced deals

By Rebecca Melvin

New York, April 28 – Pricing was obtained on the Allegro CLO III Ltd./Allegro CLO III LLC deal for $414 million of notes due July 2027 on Tuesday. It represented the third CLO of manager AXA Investment Managers Inc.

Two other deals were heard pricing in the market, including the $565.65 million OZLM XII, Ltd./OZLM XII, LLC CLO and the Madison Park 17 CLO, according to a New York-based underwriter.

Och-Ziff Loan Management LLP is manager of the OZLM CLO, and J.P. Morgan Securities LLC placed the deal, but further details could not be obtained by Prospect News’ deadline.

Credit Suisse Asset Management LLC was also said to have priced the Madison Park Funding XVII Ltd./Madison Park Funding XVII CLO, and Wells Fargo was the placement agent, the underwriter said. But further details could not be obtained.

Internationally, Alcentra was said to have priced a European CLO as well.

In the U.S. market, the day’s new issue brings April’s deal tally to 13, according to Prospect News’ data.

Apollo Credit, Babson, Symphony, Zais, JFIN Revolver, Palmer Square, Jackson Mill, AMMC, NEXT Capital and TICP CLO were the month’s other offerings.

The primary market is supposed to be facing the headwind of limited bank loan supply. The ratio of CLO to loan supply is 60%, a high not seen since May 2008, according to research published by J.P. Morgan Securities LLC.

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