LCM prices $613.6 million CLO notes; Alcentra NY markets CLO manager’s first deal of year

By Cristal Cody

Tupelo, Miss., Feb. 23 – New CLO issuance remains light year to date compared to CLO refinancings, but the deal pace is starting to pick up.

LCM Asset Management LLC priced a new $613.6 million CLO, the firm’s first offering of 2017.

Alcentra NY LLC is marketing a $509.45 million deal, the CLO manager’s first transaction of the year.

In its deal, LCM Asset Management sold $613.6 million of notes at par in the LCM XXIV Ltd. CLO offering, according to a market source.

The CLO priced $387 million of class A floating-rate notes at Libor plus 131 basis points in the senior tranche.

BofA Merrill Lynch was the placement agent.

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

Meanwhile, Alcentra NY plans to price $509.45 million of notes due April 20, 2029 in a new broadly syndicated CLO, according to a market source.

The Shackleton 2017-X CLO, Ltd./Shackleton 2017-X LLC deal includes $320 million of class A senior floating-rate notes (Aaa//AAA); $60 million of class B senior floating-rate notes (Aa2); $30 million of class C mezzanine deferrable floating-rate notes (A2); $25 million of class D mezzanine deferrable floating-rate notes (Baa3); $25 million of class E junior deferrable floating-rate notes (Ba3) and $49.45 million of subordinated notes.

BNP Paribas Securities Corp. is the placement agent.

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