Bardin Hill brings €359 million CLO; THL prices $611.4 million; Middle Market prints

By Cristal Cody

Tupelo, Miss., May 7 – In the CLO market on Tuesday, Bardin Hill Loan Advisors (UK) LLP closed on a new €359 million European CLO offering that priced in April.

About €10 billion of euro-denominated CLOs have priced year to date, according to market sources.

In the dollar-denominated primary market, THL Credit Advisors LLC priced a $611.4 million CLO deal.

Year to date, about $40 billion of dollar-denominated broadly syndicated CLOs have priced.

Meanwhile in the middle-market space, Middle Market Credit Fund LLC sold $400.3 million of notes and preferred interests in a new static CLO deal.

More than $4 billion of middle-market CLOs have priced year to date, according to market sources.

Bardin Hill closes CLO

Bardin Hill Loan Advisors (UK) priced €359 million of notes due July 20, 2032 in the new CLO transaction, according to market sources.

In the senior secured tranches, Bardin Hill Loan Advisors European Funding 2019-1 DAC sold €1.5 million of class X floating-rate notes at Euribor plus 50 basis points, €214 million of class A floating-rate notes at Euribor plus 115 bps, €20 million of class B-1 floating-rate notes at Euribor plus 185 bps and €15 million of 2.5% class B-2 fixed-rate notes.

Merrill Lynch International was the placement agent.

The transaction is collateralized mainly by euro-denominated senior secured obligations.

The CLO manager is part of Bardin Hill Investment Partners LP, formerly known as Halcyon Capital Management LP.

Bardin Hill is a New York City-based investment management firm with offices in London and Luxembourg.

THL Credit taps market

THL Credit Advisors placed $611.4 million of notes due April 15, 2031 in the THL Credit Wind River 2019-3 CLO Ltd./THL Credit Wind River 2019-3 LLC transaction, according to a market source.

The senior secured tranches included $4 million of class X senior secured floating-rate notes priced at Libor plus 60 bps, $360 million of class A-1 senior secured floating-rate notes placed at Libor plus 133 bps, $24 million of class A-2 senior secured floating-rate notes sold at Libor plus 175 bps and $66 million of class B senior secured floating-rate notes priced at Libor plus 210 bps.

BNP Paribas Securities Corp. was the placement agent.

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

THL has priced two new broadly syndicated CLOs and one middle-market CLO offering year to date.

The alternative credit investment firm is based in Boston.

MMCF CLO prices

Middle Market Credit Fund priced $400.3 million of notes and preferred interests due April 20, 2029 in its new static middle-market CLO transaction, a source said.

At the top of the capital stack, MMCF CLO 2019-2 LLC sold $233 million of class A-1 floating-rate notes at Libor plus 150 bps and $48 million of class A-2 floating-rate notes at Libor plus 240 bps.

Citigroup Global Markets Inc. was the placement agent.

Middle Market Credit Fund will manage the CLO, which is secured primarily by middle-market senior secured loans.

The CLO manager is a joint venture formed between TCG BDC, formerly known as Carlyle GMS Finance, and Credit Partners USA LLC, a subsidiary of PSP Investment Holding US LLC, which is an investment manager of Canada’s Public Sector Pension Investment Board.

The deal is Middle Market Credit Fund’s second CLO transaction to date.

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