CSAM, Prudential price; Babson markets $411.5 million; National Bank of Greece offers CLO

By Cristal Cody

Eureka Springs, Ark., July 26 – Details emerged for new CLOs priced by Credit Suisse Asset Management, LLC and Prudential Investment Management, Inc.

Credit Suisse Asset Management priced an $814.25 million CLO.

Prudential Investment Management tapped the primary market with a $612.32 million deal.

The deal pipeline also continues to fill.

Babson Capital Management LLC is in the market with its second CLO transaction of the year, a $411.5 million offering.

Also, National Bank of Greece SA plans a €644.77 million SME CLO deal, the bank’s first since the financial crisis.

CSAM prices $814.25 million

Credit Suisse Asset Management sold $814.25 million of notes in the Madison Park Funding XXI Ltd. transaction, according to a market source.

The CLO priced $516 million of class A-1 floating-rate notes at Libor plus 153 basis points and $84 million of class A-2 floating-rate notes at Libor plus 200 bps at the top of the capital structure.

Citigroup Global Markets Inc. was the placement agent.

The firm has priced two U.S. CLOs year to date.

Credit Suisse Asset Management, a unit of Credit Suisse Group AG, placed four U.S. CLO deals and refinanced one vintage CLO transaction in 2015.

Prudential prices CLO

Prudential Investment Management priced a $612.32 million CLO, according to a market source.

Dryden 43 Senior Loan Fund/Dryden 43 Senior Loan Fund LLC sold $381 million of class A floating-rate notes at Libor plus 154 bps in the senior tranche.

Deutsche Bank Securities Inc. was the placement agent.

Prudential Investment Management has tapped the U.S. primary market twice year to date.

The primary asset management business of Newark, N.J.-based Prudential Financial Inc. priced four CLO deals in 2015.

Babson offers $411.5 million

Babson Capital Management plans to price $411.5 million of notes due Oct. 13, 2028 in a CLO deal via Morgan Stanley & Co. LLC, according to a market source.

The Babson CLO 2016-II Ltd./Babson CLO 2016-II LLC offering includes $2.5 million of class X floating-rate notes (/AAA); $252 million of class A floating-rate notes (/AAA); $48 million of class B floating-rate notes; $22.5 million of class C floating-rate notes; $23.5 million of class D floating-rate notes; $22 million of class E floating-rate notes and $41 million of subordinated notes.

The deal is backed primarily by first-lien senior secured loans.

Proceeds will be used to purchase a portfolio of about $400 million of mostly senior secured leveraged loans.

Babson Capital has priced one U.S. CLO year to date.

The Springfield, Mass.-based global asset management firm priced two U.S. CLOs and refinanced one vintage CLO in 2015.

National Bank of Greece eyed

National Bank of Greece intends to price €647.77 million of notes due 2035 in the Sinepia DAC SME CLO deal, according to a market source.

The Sinepia offering is the bank’s first cash flow SME CLO deal since the 2007-2008 financial crisis, according to S&P.

The deal includes €150 million of class A1 floating-rate notes (BB/); €35 million of class A2 floating-rate notes (BB/); €50 million of class A3 floating-rate notes (BB/) and €88.8 million of class A4 floating-rate notes (BB/).

The transaction also includes €259.1 million of non-rated class M notes and €64.87 million of non-rated class Z notes.

HSBC Bank plc and National Bank of Greece are the joint arrangers.

The CLO is collateralized by static secured and unsecured loans originated by National Bank of Greece and granted to small and midsize companies.

National Bank of Greece is a banking and financial services company based in Athens.

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