Zais to price its first CLO offering of year; April volume includes four deals so far

By Cristal Cody

Eureka Springs, Ark., April 19 – Zais Group LLC is among CLO managers expected to tap the market in the near term.

Zais is in the pipeline with $280.7 million of notes in the firm’s first CLO deal of 2016.

Year to date, CLO managers have priced $9.09 billion of U.S. CLOs in 23 deals and €3.46 billion in nine euro-denominated offerings, according to Prospect News data.

April volume to date includes $835 million in two dollar-denominated CLO transactions and €822 million in two euro-denominated deals.

Zais Group plans to price $280.7 million of notes due May 10, 2025 in the Zais CLO 4 Ltd./Zais CLO 4 LLC transaction, according to a market source.

The deal includes $188 million of class A floating-rate notes (/AAA); $25.5 million of class B floating-rate notes (/AA); $24 million of class C deferrable floating-rate notes (/A); $7.5 million of class D deferrable floating-rate notes (/BBB) and $35.2 million of subordinated notes.

RBC Capital Markets LLC is the underwriter.

Zais Leveraged Loan Manager 4, LLC will manage the CLO.

The CLO, backed primarily by broadly syndicated senior secured loans, is non-callable through Feb. 10, 2017.

Zais Group priced one CLO deal in 2015.

The structured credit asset management firm is based in Red Bank, N.J.

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