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3i prices U.S. CLO; Europe supply on way; CSAM creates European CLO warehouse
By Cristal Cody
Eureka Springs, Ark., Aug. 16 – 3i Debt Management U.S. LLC priced its first U.S. transaction of the year, according to details that emerged on Tuesday.
The CLO manager priced a $407.55 million CLO offering. 3i brought two U.S. CLO deals in 2015.
The European primary market is expected to see more issuance over the remainder of the year, sources report.
Credit Suisse Asset Management Ltd. opened a warehouse due July 2031 for the euro-denominated Cadogan Square CLO VIII BV vehicle.
The warehouse includes a senior funding facility (DBRS: A) and senior mezzanine funding facility (DBRS: BBB).
As reported in July, PGIM Ltd. opened a warehouse for the euro-denominated Dryden 46 Euro CLO BV offering via Barclays.
In the secondary market on Monday, 17 investment-grade CBO/CDO/CLO issues totaling $131 million and 14 non-investment-grade CBO/CDO/CLO securities totaling $37.7 million were traded, according to Trace.
In the same period a week ago on Monday, secondary volume totaled $70.8 million from 18 investment-grade issues and $86.8 million from 22 non-investment-grade securities.
3i Debt Management sold $407.55 million of notes due Oct. 20, 2028 in the Jamestown CLO IX, Ltd./Jamestown CLO IX Corp. transaction, a market source said.
The CLO priced $150 million of class A-1A floating-rate notes at Libor plus 157 basis points at the top of the capital structure.
Citigroup Global Markets Inc. was the placement agent.
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