Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers C > Headlines for CVC Cordatus Loan Fund XI DAC > News item |
LCM prices $460.73 million CLO, manager’s second of year; CVC offers €414.2 million
By Cristal Cody
Tupelo, Miss., July 11 – Deal activity is ramping up in both the U.S. and European CLO primary markets.
LCM Asset Management LLC sold $460.73 million of notes in the manager’s second CLO transaction of 2018.
In the euro-denominated primary market, CVC Credit Partners Group Ltd. is expected to price €414.2 million of notes in the firm’s second new issue of the year. CVC was last in the primary market on Dec. 1 with the €415.1 million CVC Cordatus Loan Fund X DAC deal, which closed on Jan. 31. CVC has refinanced three vintage European CLOs year to date.
LCM places 27 CLO
LCM Asset Management sold $460.73 million of notes due July 16, 2031 in the LCM 27 Ltd./LCM 27 LLC CLO deal, according to a market source.
The CLO priced the $272.25 million of class A-1 floating-rate notes at Libor plus 108 basis points.
Morgan Stanley & Co. LLC was the placement agent.
The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.
LCM has placed two new CLOs year to date.
The asset management firm, a subsidiary of Tetragon Financial Group Ltd., is based in New York City.
CVC markets XI CLO
CVC Credit Partners Group plans to price €414.2 million of notes due 2031 in the CVC Cordatus Loan Fund XI DAC transaction, according to a market source.
The deal includes €241 million of class A senior secured floating-rate notes (Aaa//AAA); €12 million of class B-1 senior secured floating-rate notes (Aa2//AA); €30 million of class B-2 senior secured fixed-rate notes (Aa2//AA); €28 million of class C senior secured deferrable floating-rate notes (A2//A); €20 million of class D senior secured deferrable floating-rate notes (Baa2//BBB); €27 million of class E senior secured deferrable floating-rate notes (Ba2//BB); €13 million of class F senior secured deferrable floating-rate notes (B2//B-) and €43.2 million of subordinated notes.
Barclays is the placement agent.
The deal is expected to close on Sept. 7.
The CLO is backed primarily by euro-denominated senior secured loans and bonds.
The manager is the credit management arm of London-based private equity firm CVC Capital Partners Ltd.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.