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March volume improves; 3i prices €413 million CLO; Invesco brings $406.25 million deal
By Cristal Cody
Eureka Springs, Ark., March 29 – March CLO volume is finishing stronger with two new issues priced in the U.S. and European CLO primary markets, sources reported on Tuesday.
3i Debt Management Investments Ltd. brought a €413 million CLO deal following three new euro-denominated CLOs priced in the previous week.
3i’s transaction brings year-to-date euro-denominated CLO issuance to about €2.64 billion, according to Prospect News data.
In the U.S. primary market, Invesco Senior Secured Management, Inc. priced a $406.25 million CLO offering.
About $6 billion of U.S. CLOs have priced year to date, according to Prospect News data.
3i Debt prices €413 million
3i Debt Management Investments sold €413 million of notes due May 22, 2029 in the CLO offering via Resource Capital Markets, Inc. and RBC Capital Markets LLC, according to a market source.
Harvest CLO XV Designated Activity Co. priced €232 million of class A floating-rate notes at Euribor plus 150 basis points in the senior tranche.
The deal is backed by broadly syndicated senior secured loans.
3i Debt Management, the affiliate of London-based 3i Group plc, priced three euro-denominated CLOs in 2015.
Invesco sells CLO
Invesco Senior Secured Management priced $406.25 million of notes due April 20, 2028 in the Upland CLO, Ltd./Upland CLO, LLC transaction, according to a market source.
The CLO sold $235 million of class A-1A floating-rate notes at Libor plus 160 bps at the top of the capital structure.
Citigroup Global Markets Inc. was the placement agent.
The offering is collateralized primarily by first-lien senior secured loans.
Proceeds from the transaction will be used to purchase a portfolio of about $400 million of mostly senior secured leveraged loans.
Invesco Senior Secured Management, a subsidiary of Atlanta-based Invesco, Ltd., was in the primary market in 2015 with two CLO deals.
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