CSAM, BlackRock, CVC Credit Partners tap U.S. CLO market; Italian bank Banca Carige prices

By Cristal Cody

Tupelo, Miss., Dec. 7 – CLO managers Credit Suisse Asset Management, LLC, BlackRock Financial Management, Inc. and CVC Credit Partners, LLC priced about $1.6 billion of new CLO notes, while Italian bank Banca Carige Italia SpA brought a euro-denominated SME CLO deal.

Credit Suisse Asset Management priced $609.75 million of notes in its fourth new U.S. CLO deal of the year.

BlackRock Financial Management priced a $506.5 million CLO, also its fourth transaction of 2015.

CVC Credit Partners returned to the primary market for the third time in 2015 with a new $499.88 million CLO offering.

In euro-denominated primary action, Banca Carige priced a €716.8 million two-part deal.

Global CLO volume totals more than $133 billion from 244 deals year to date, according to Prospect News data.

CSAM prices $609.75 million

Credit Suisse Asset Management placed $609.75 million of notes in the Madison Park Funding XIX Ltd./Madison Park Funding XIX LLC transaction, according to a market source.

The CLO priced $387 million of class A-1 floating-rate notes at Libor plus 152 basis points and $68.8 million of class A-2 floating-rate notes at Libor plus 230 bps in the senior tranches.

Citigroup Global Markets Inc. was the placement agent.

The firm has priced four U.S. CLO deals and refinanced one vintage CLO transaction year to date.

Credit Suisse Asset Management is a unit of Credit Suisse Group AG.

BlackRock brings CLO

BlackRock Financial Management sold $506.5 million of notes due Jan. 15, 2028 in a deal via Credit Suisse Securities (USA) LLC, according to a market source.

Magnetite XVI, Ltd./Magnetite XVI LLC priced $320 million of class A senior secured floating-rate notes at Libor plus 150 bps at the top of the capital structure.

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

Proceeds from the offering will be used to purchase a portfolio of about $500 million of mostly senior secured leveraged loans.

BlackRock has priced four new CLOs and refinanced one vintage 2012 CLO deal year to date.

The New York City-based investment management firm brought three CLOs to market in 2014.

CVC prints $499.88 million

CVC Credit Partners priced $499.88 million of notes due Jan. 15, 2027 in its CLO offering, a market source said.

Apidos CLO XXIII/Apidos CLO XXIII LLC sold $310 million of class A-1 senior secured floating-rate notes at Libor plus 149 bps in the AAA-rated slice.

Citigroup Global Markets Inc. was the placement agent.

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

CVC Credit Partners has priced three new CLOs and brought one CLO refinancing deal year to date.

The New York City-based subsidiary of London-based CVC Capital Partners Ltd. printed three CLOs in 2014.

Banca Carige prices CLO

In the euro-denominated primary market, Banca Carige priced a €716.8 million two-part CLO offering of notes that are backed by individual and small- and medium-sized enterprises loan receivables, according to a market source.

Lanterna Finance SRL sold €385 million of class A asset-backed notes at Euribor plus 169 bps and €331.8 million of class B asset-backed notes at Euribor plus 370 bps in the deal.

The notes are due Oct. 28, 2065.

UniCredit SpA arranged the offering.

The notes are backed by loans receivables originated by Banca Carige, Banca Carige Italia SpA, Banca del Monte di Lucca SpA, Cassa di Risparmio di Carrara SpA and Cassa di Risparmio di Savona SpA and granted to individual entrepreneurs and small- and medium-sized enterprises based in Italy.

Each bank will service their respective securitized portfolio, with Carige also assuming the role of master servicer.

Banca Carige is a Genoa, Italy-based bank.

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