AB Private prices $300.5 million middle-market CLO; RREEF brings CDO; LCM refinances

By Cristal Cody

Tupelo, Miss., Aug. 14 – AB Private Credit Investors LLC sold $300.5 million of notes in a new middle-market offering.

Middle-market CLO volume totals nearly $10 billion year to date, according to market sources.

Meanwhile, a collateralized debt obligation was priced in the primary market. RREEF America LLC sold $401.33 million of notes in the broadly syndicated CDO transaction.

In other pricing action, LCM Asset Management LLC priced $375.55 million of notes in a second refinancing of a vintage 2013 CLO.

ABPCI VI prices

AB Private Credit Investors sold $300.5 million of notes due Aug. 9, 2030 in the ABPCI Direct Lending Fund CLO VI Ltd./ABPCI Direct Lending Fund CLO VI LLC middle-market offering, according to an informed source.

The CLO priced $178.2 million of class A-1 floating-rate notes at Libor plus 173 basis points at the top of the capital structure.

Barclays arranged the offering.

The deal is collateralized primarily by U.S. senior secured loans.

The CLO has a two-year non-call period and a three-year reinvestment period.

Middle-market lender AB Private Credit Investors is a subsidiary of New York-based AllianceBernstein LP.

RREEF sells CDO

RREEF America priced $401.33 million of notes due July 24, 2030 in its broadly syndicated CDO transaction, according to a market source.

RIN II Ltd. sold $256 million of the class A floating-rate notes at Libor plus 165 bps.

Barclays was the placement agent.

The issue is collateralized primarily by broadly syndicated first-lien senior secured project finance and corporate infrastructure loans.

Chicago-based RREEF America is a real estate investment management firm and subsidiary of DWS Group GmbH & Co. KGaA.

LCM Asset reprices

LCM Asset Management refinanced $375.55 million of notes due July 19, 2027 from the vintage 2013 LCM XIII LP CLO offering, according to a market source.

The CLO sold $322.5 million of the class A-RR floating-rate notes at par to yield Libor plus 114 bps.

Barclays arranged the refinancing.

The CLO was originally issued in 2013 and was first refinanced in a $465.5 million transaction on Nov. 22, 2016. In the first refinancing, the CLO priced $255 million of the class A-R floating-rate notes at Libor plus 135 bps.

LCM XIII is collateralized primarily by broadly syndicated senior secured loans.

The New York City-based asset management firm is a subsidiary of Tetragon Financial Group Ltd.

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