| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers D > Headlines for Dryden 42 Senior Loan Fund/Dryden 42 Senior Loan Fund LLC > News item |
U.S. CLO primary action remains thin over February; NewStar in CLO deal pipeline
By Cristal Cody
Tupelo, Miss., Feb. 11 – Primary action remains thin in the U.S. CLO markets, but some issuance is expected over the month, according to market sources on Thursday.
NewStar Financial, Inc. is marketing $348.05 million of notes in a small-to-medium enterprise CLO deal.
Two broadly syndicated CLO deals also are expected to price from CreekSource LLC and Prudential Investment Management, Inc.
CreekSource is offering $300 million of notes in the Mill Creek CLO II, Ltd./Mill Creek CLO II LLC transaction. Goldman Sachs & Co. is the placement agent.
Prudential Investment Management intends to price $507.75 million of notes in the Dryden 42 Senior Loan Fund/Dryden 42 Senior Loan Fund LLC deal via BNP Paribas Securities Corp.
U.S. CLO managers have brought to market $826 million of U.S. broadly syndicated CLOs in two transactions year to date, according to Prospect News data.
NewStar to price $348 million
NewStar Financial plans to price $348.05 million of notes due Feb. 25, 2028 in a SME CLO transaction via Wells Fargo Securities, LLC, according to a market source.
The NewStar Commercial Loan Funding 2016-1 LLC offering includes $176.5 million of class A-1 senior secured floating-rate notes (Aaa); $20 million of class A-2 senior secured fixed-rate notes (Aaa); $36.75 million of class B senior secured floating-rate notes (Aa2); $22.5 million of class C secured deferrable floating-rate notes (A2); $23.8 million of class D secured deferrable floating-rate notes (Baa3); $23 million of class E secured deferrable floating-rate notes (Ba3) and $45.5 million of membership interests.
NewStar Financial 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 small and medium enterprise loans.
NewStar Financial, a Boston-based middle-market commercial lender, priced three CLOs in 2015.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.