PGIM prices £335.76 million CLO; JMP brings new deal; ICG Debt, Carlyle refinance

By Cristal Cody

Tupelo, Miss., July 27 – PGIM, Inc. priced £335.76 million of notes due Oct. 15, 2032 in a new sterling-denominated CLO transaction on Friday.

One of the last reported sterling deals in the CLO primary market was Credit Suisse Asset Management Ltd.’s €413.53 million equivalent of euro and sterling notes priced in the Cadogan Square CLO VI BV deal on June 30, 2015, according to a market source. The Cadogan Square notes were refinanced in August 2017 as all euro-denominated notes.

In new U.S. primary action, JMP Credit Advisors LLC priced a $407.8 million CLO deal.

CLO refinancing activity also remains steady.

ICG Debt Advisors LLC refinanced $405.75 million of notes from a 2016 CLO.

Carlyle Investment Management LLC subsidiary Carlyle CLO Management LLC refinanced $396 million vintage 2016 CLO notes.

PGIM prices Dryden 63

PGIM priced £335,761,000 of notes due Oct. 15, 2032 in the deal, according to a market source on Friday.

The Dryden 63 GBP CLO 2018 BV offering included £171 million of class A-1 senior secured floating-rate notes; £9 million of class A-2 senior secured fixed-rate notes; £29.1 million of class B-1 senior secured floating-rate notes; £14.4 million of class B-2 senior secured fixed-rate notes; £17.3 million of class C-1 mezzanine secured deferrable floating-rate notes; £911,000 of class C-2 mezzanine secured deferrable fixed-rate notes; £16.45 million of class D mezzanine secured deferrable floating-rate notes; £23.8 million of class E mezzanine secured deferrable floating-rate notes; £11.4 million of class F mezzanine secured deferrable floating-rate notes and £42.4 million of subordinated notes.

NatWest markets plc and GreensLedge Capital Markets Europe LLC were the underwriters.

The CLO is collateralized mainly by senior secured corporate loans and senior secured bonds.

PGIM is an investment management firm and part of Newark, N.J.-based Prudential Financial Inc.

JMP prices $407.8 million

JMP Credit Advisors sold $407,825,000 of senior notes due July 17, 2030 in the JMP Credit Advisors CLO V Ltd./JMP Credit Advisors CLO V LLC transaction, according to a market source and an 8-K filing with the Securities and Exchange Commission from parent company JMP Group LLC on Friday.

The CLO sold $256 million of class A senior secured floating-rate notes at Libor plus 119 basis points in the senior tranche.

BNP Paribas Securities Corp. was the placement agent.

The notes are backed by a portfolio of broadly syndicated first-lien senior secured leveraged loans.

JMP Credit Advisors is an asset manager based in Alpharetta, Ga.

ICG reprices $405.75 million

In refinancing action, ICG Debt Advisors priced $405.75 million of notes due July 29, 2028 in a reissue of a vintage 2016 broadly syndicated CLO transaction, according to a market source and a notice of revised proposed supplemental indenture on Thursday.

ICG US CLO 2016-1, Ltd./ICG US CLO 2016-1 LLC sold $256 million of the class A-1-R senior secured floating-rate notes at Libor plus 114 bps.

Citigroup Global Markets Inc. arranged the deal.

ICG Debt Advisors LLC-Manager Series will continue to manage the CLO.

In the original $405.75 million CLO issued Aug. 30, 2016, ICG priced $256 million of class A-1 senior secured floating-rate notes at Libor plus 160 bps.

Proceeds will be used to redeem the original notes.

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

ICG Debt Advisors has priced two new CLO deals and refinanced two vintage CLOs year to date.

The CLO manager priced one new CLO and refinanced two vintage CLOs in 2017.

The subsidiary of London-based parent company Intermediate Capital Group plc is based in New York.

Carlyle refinances CLO

Carlyle CLO Management refinanced $396 million of notes due July 15, 2027 from the Carlyle Global Market Strategies CLO 2016-2 Ltd./Carlyle Global Market Strategies CLO 2016-2 LLC transaction, according to a market source and a notice of revised proposed supplemental indenture on Friday.

The CLO sold $310 million of class A-1R senior secured floating-rate notes at Libor plus 98 bps in the senior tranche.

Citigroup was the refinancing placement agent.

The original $499 million transaction was issued June 8, 2016. In that offering, the CLO priced $310 million of class A-1 senior secured floating-rate notes at Libor plus 156 bps.

Proceeds will be used to redeem the original notes.

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

Carlyle priced two new U.S. CLOs and refinanced five vintage U.S. CLOs in 2017.

The asset management firm is an affiliate of Washington, D.C.-based Carlyle Group.

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