Carlyle taps middle market; Onex, MJX sell $1.4 billion of notes; Z Capital brings CLO

By Cristal Cody

Tupelo, Miss., June 9 – CLO managers Onex Credit Partners, LLC, MJX Asset Management LLC, Z Capital Credit Partners LLC and Carlyle Investment Management LLC were in the market with new offerings, sources said.

Onex Credit Partners priced a $757.05 million CLO deal.

MJX Asset Management brought $718.75 million of notes in a CLO offering.

Z Capital Credit Partners priced $400.25 million of notes in the firm’s first CLO transaction.

In the middle market space, Carlyle Investment Management brought a $398.9 million deal.

“Thus far in the year, 70 managers have issued CLOs,” J.P. Morgan Securities LLC analysts said in a note. “For context, 106 managers issued in 2014 and 95 in 2013. Also, four managers issued their very first CLO this year.”

The slowdown in primary volume continues to be attributed to a “slack loan supply and higher loan pricing,” according to the note. “Institutional loan supply of $68.4 billion in May 2015 was the most since $71.1 billion in November 2013.”

Onex Credit Partners priced $757.05 million of notes due June 15, 2027 in the OCP CLO 2015-9 Ltd./OCP CLO 2015-9 Corp. offering, according to a market source.

The CLO priced $470 million of class A-1 floating-rate notes at Libor plus 150 basis points in the senior tranche.

Citigroup Global Markets Inc. was the placement agent.

Onex will manage the CLO.

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