BlackRock, GC Investment price CLOs; CSAM brings $818.25 million notes; secondary light

By Cristal Cody

Tupelo, Miss., Oct. 20 – In new pricing action, BlackRock Financial Management, Inc. priced $620.3 million of fixed-rate and floating-rate notes in the Magnetite XV, Ltd./Magnetite XV LLC offering, a source said.

GreensLedge Capital Markets LLC was the underwriter. Final pricing details were not available by press time.

In other new CLO issuance, GC Investment Management LLC priced a $407.55 million deal.

Also, details emerged on Credit Suisse Asset Management, LLC’s $818.25 million transaction, Atrium XII/Atrium XII LLC.

In the secondary market, a small mix of U.S. and European bonds was expected to appear on BWIC lists over the session, a source said.

Golub CLO 26(B) prices

GC Investment Management priced a $407.55 million CLO offering of notes due Nov. 5, 2027, according to a market source.

Golub Capital Partners CLO 26(B) Ltd./Golub Capital Partners CLO 26(B) LLC sold $256 million of class A floating-rate notes at Libor plus 165 basis points at the top of the capital stack.

J.P. Morgan Securities LLC was the placement agent.

GC Investment Management will manage the CLO.

The CLO has a two-year non-call period and a four-year reinvestment period.

The transaction is backed primarily by first-lien senior secured corporate loans.

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

GC Investment Management has priced two CLO deals year to date.

The affiliate of New York-based middle market lender Golub Capital priced four CLOs and refinanced one CLO transaction in 2014.

CSAM taps market

Credit Suisse Asset Management raised $818.25 million in a CLO offering of notes due Oct. 20, 2026 in the Atrium XII deal, according to a market source.

The CLO priced $496 million of class A floating-rate notes at Libor plus 146 bps in the AAA-rated tranche.

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

Credit Suisse Asset Management will manage the CLO.

The CLO has a two-year non-call period.

The deal is backed primarily by broadly syndicated senior secured loans.

Credit Suisse Asset Management has priced three U.S. CLO deals and brought one CLO refinancing transaction year to date.

The New York-based firm is a unit of Credit Suisse Group AG.

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