CVC, CIFC price new CLOs; Resource Capital gets tight print; pricing action on upswing

By Cristal Cody

Tupelo, Miss., June 26 – CVC Credit Partners, LLC sold $513.5 million of notes in the CLO manager’s first new CLO transaction of the year.

CVC Credit Partners also has refinanced four vintage CLOs year to date.

CIFC Asset Management LLC tapped the primary market with $713.25 million of notes in its third new CLO offering year to date.

In other issuance, Resource Capital Corp. announced on Monday that Resource Capital Corp. 2017-CRE5, Ltd. sold $376.5 million of notes due July 17, 2034 in a new commercial real estate CLO transaction.

The CLO priced $203.42 million of class A floating-rate notes at Libor plus 80 basis points and $48.03 million of class B floating-rate notes at Libor plus 200 bps.

“We are very pleased to have executed this transaction at the tightest level of any post-crisis CRE CLO,” Robert C. Lieber, chief executive officer of Resource Capital, said in a news release. “When this CLO closes, RSO will have term financed $1.7 billion of our self-originated whole loans through the capital markets.”

CLO primary action is picking up, according to a BofA Merrill Lynch analysts’ note released on Monday.

“New-issue deals from newer managers continue to roll out of the U.S. primary market,” the analysts said. “Three new deals priced since last Friday.”

New issue AAAs remain in the Libor plus 125 bps to 130 bps range, according to the note.

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