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Published on 9/19/2017 in the Prospect News Bank Loan Daily.

Zais places firm’s second CLO of year, prices $564 million notes; Palmer closes deal

By Cristal Cody

Tupelo, Miss., Sept. 19 – Zais Group, LLC priced $564 million of notes in a new CLO offering.

The deal is the CLO manager’s second new CLO offering year to date.

In other new issuance, Palmer Square Capital Management LLC closed on a new CLO transaction. The firm priced a $302,905,000 deal.

In addition to the broadly syndicated CLOs, Palmer Square has priced static CLOs and created its Palmer Square CLO indices.

The firm said in a news release on Tuesday that it has now closed four static CLO transactions totaling nearly $1 billion in issuance and five managed CLOs amounting to about $2.5 billion in issuance.

“Palmer Square’s goal is to continue to seek relative value opportunities across both corporate credit and structured credit,” Angie K. Long, chief investment officer of Palmer Square Capital Management, said in the release. “We feel investing in and managing CLOs such as our recent static CLO transactions continues to be a strong risk-adjusted opportunity for investors.”

In its deal, Zais Group priced $564 million of notes due April 15, 2030 in the new CLO offering, according to market sources.

Zais CLO 7 Ltd./Zais CLO 7 LLC sold $352 million of class A floating-rate notes at Libor plus 129 basis points in the senior tranche.

Goldman Sachs & Co. LLC was the placement agent.

Zais Leveraged Loan Master Manager, LLC will manage the CLO.


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