GSO Capital brings $502 million debut middle-market CLO; Antares prices $1 billion deal

By Cristal Cody

Tupelo, Miss., Aug. 28 – Middle-market CLO primary action is picking up with two new deals priced on Friday, including a debut offering from GSO Capital Partners, LP.

GSO Capital Partners priced $502 million of notes in the transaction, which is backed by middle-market and broadly syndicated first-lien senior secured loans.

In other middle-market issuance, Antares Capital Advisers LLC sold more than $1 billion of notes in its CLO deal on Friday. The offering is Antares’ second middle-market CLO transaction this year.

More than $8 billion of middle-market CLOs have priced year to date, according to informed sources. At the start of the month, Vista Credit Opportunities Management LP priced the $304.74 million VCO CLO 2018-1 LLC deal, the firm’s first CLO offering. The VCO CLO is collateralized by a mix of broadly syndicated and middle-market senior secured loans.

GSO prints Diamond CLO

GSO Capital Partners priced $502 million of notes due July 22, 2030 in the Diamond CLO 2018-1, Ltd./Diamond CLO 2018-1, LLC middle-market CLO transaction, according to market sources.

The CLO sold $277.5 million of class A-1 floating-rate notes at Libor plus 127 basis points at the top of the capital stack.

Wells Fargo Securities LLC was the placement agent.

The notes are backed by middle-market and broadly syndicated first-lien senior secured loans.

GSO Capital Partners is a subsidiary of the Blackstone Group LP.

Antares brings 2018-2 CLO

Antares Capital Advisers priced $1,008,170,000 of notes due Oct. 20, 2030 in the Antares CLO 2018-2, Ltd./Antares CLO 2018-2, LLC middle-market deal, according to a market source.

The CLO sold $575 million of class A-1 floating-rate notes (/AAA/AAA) at Libor plus 140 bps and $20 million of class A-2 floating-rate notes (/non-rated/AAA) at Libor plus 160 bps in the AAA-rated tranches.

Deutsche Bank Securities Inc. was the placement agent.

The notes are backed primarily by middle-market senior secured term loans.

Antares Capital has priced two new middle-market CLOs year to date.

The CLO manager brought two middle-market CLOs to the primary market in 2017.

The Chicago-based investment management firm is an affiliate of Antares Holding LP.

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