Mariner Investment Group closes on CLO; high-grade secondary market volume rises

By Cristal Cody

Eureka Springs, Ark., July 11 – Mariner Investment Group, LLC closed on its third CLO transaction, while secondary market volume in high-grade CBO/CDO/CLO securities rose mid-week.

Mariner Investment Group, LLC closed on its $503.4 million CLO transaction priced in late June, according to a company news release on Thursday.

The deal marks the third transaction by Mariner, which has closed on a total of $1.5 billion of CLOs over the past two years.

Mariner Investment Group brought its first CLO deal in December 2014 and priced one CLO offering in 2015.

The Mariner CLO 2016-3 LLC deal brought on June 30 included $330 million of class A floating-rate notes priced at Libor plus 159 basis points. Citigroup Global Markets Inc. was the placement agent.

“We are pleased at the continued success our team has achieved with its first three CLOs, and with our ability to capitalize on the current market environment,” David Martin, co-head of Mariner’s leveraged credit team, said in the release. “Our success reflects the strength and talent of our growing team, as well as ORIX’s continued support of the Mariner platform.”

Mariner said its leveraged credit team transitioned from ORIX USA, Mariner’s parent company, in 2014.

The alternative asset management firm is based in New York City.

Meanwhile, High-grade securities saw increased trading volume in Wednesday’s session, according to the latest data from Trace.

© 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.