LCM offers $408 million CLO; Triumph prices; non-high-grade secondary trading volume up

By Cristal Cody

Eureka Springs, Ark., Sept. 14 – LCM Asset Management LLC is in the CLO deal pipeline with the firm’s second offering of the year.

The CLO manager is marketing a $408 million seven-part transaction.

In new issue activity, pricing details emerged on Triumph Capital Advisors, LLC’s new $409 million CLO offering.

In the secondary market on Tuesday, $122.9 million traded in 40 high-grade CBO/CDO/CLO issues, while $253.6 million traded in 49 non-investment-grade CBO/CDO/CLO securities, according to Trace.

During Monday’s session, secondary trading volume totaled $58 million from 21 high-grade issues and $41 million from 16 non-investment-grade securities.

LCM preps CLO

LCM Asset Management plans to price $408 million of notes due Oct. 15, 2028 in the LCM XXII LP/LCM XXII LLC CLO offering, according to a market source.

The Rule 144A-eligible deal includes $2.4 million of class X floating-rate notes (//AAA); $252 million of class A-1 floating-rate notes (//AAA); $52 million of class A-2 floating-rate notes; $28 million of class B floating-rate notes; $20 million of class C floating-rate notes; $16 million of class D floating-rate notes and $37.6 million of subordinated notes.

Natixis Securities Americas LLC is the placement agent.

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

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

LCM Asset Management has priced two CLO transactions year to date.

The CLO manager brought three CLOs and refinanced one vintage CLO in 2015.

The New York City-based asset management firm is a subsidiary of Tetragon Financial Group Ltd.

Triumph prices $409 million

Triumph Capital Advisors priced $409 million of notes due Oct. 20, 2028 in a CLO deal, according to a market source.

Trinitas CLO V Ltd./Trinitas CLO V LLC priced $256 million of class A floating-rate notes at Libor plus 170 basis points in the senior tranche.

Morgan Stanley & Co. LLC was the placement agent.

Triumph Capital Advisors has priced two CLO deals year to date.

The subsidiary of Dallas-based Triumph Bancorp, Inc. priced one new CLO and refinanced a vintage CLO in 2015.

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