Published on 3/4/2020 in the Prospect News CLO Daily.
Exantas prices $522.6 million CRE CLO; AGL brings $602.8 million broadly syndicated CLO
By Cristal Cody
Tupelo, Miss., March 4 – Exantas Capital Corp. priced a $522.6 million commercial real estate-backed CLO on Tuesday.
“Despite the significant market volatility experienced during this offering, we continue to be pleased with the positive reception of the company's debt offerings in the CLO market as this market has proven to be an attractive and efficient financing source for the company's loan portfolio,” Matthew J. Stern, president of the company, said in a release.
In the broadly syndicated market, AGL Credit Management LP priced a $602.8 million CLO.
Exantas places 2020-RS08 CLO
Exantas Capital sold $522.6 million of notes with a final maturity of March 16, 2035 in the CRE CLO deal, according to a market source and a company news release.
| In the offering, | Exantas Capital Corp. | 2020-RSO8, Ltd. | sold $435.7 million of non-recourse floating-rate notes at a weighted average cost of Libor plus 143 basis points.
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| The CLO priced $295.3 million | of class A notes at Libor plus 115 bps at the top of the capital stack.
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| J.P. Morgan Securities LLC, Barclays and Wells Fargo Securities, LLC were the placement agents.
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| Resource Real Estate, LLC will manage the CLO.
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| The notes are collateralized by floating-rate commercial mortgage loans originated by the company.
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| Exantas Capital is a New York-based real estate investment trust that originates, holds and manages commercial mortgage loans and other commercial real estate-related debt investments. The company is externally managed by Exantas Capital Manager Inc., an indirect subsidiary of | C-III Capital Partners LLC, a commercial real estate investment management and services company.
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| AGL prices CLO 3
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| AGL Credit Management priced $602.8 million of notes due Jan. 15, 2033 at par in the CLO offering, according to market sources.
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| AGL CLO 3 Ltd. | sold $384 million of class A floating-rate notes at Libor plus 130 bps in the AAA-rated tranche.
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| Barclays was the placement agent.
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| The offering is collateralized entirely by broadly syndicated first lien senior secured corporate loans.
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| The New York-based investment firm was founded in 2019 and is a subsidiary of the | Abu Dhabi Investment Authority.
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