| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers D > Headlines for Dryden 46 Euro CLO BV > News item |
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 prices $407.55 million
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.
The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.
Proceeds will be used to purchase a portfolio of about $400 million of mostly senior secured leveraged loans.
3i Debt Management is a New York City-based investment manager.
© 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.