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ArrowMark prices $409.9 million CLO; Investcorp Credit prints €410.4 million notes
By Cristal Cody
Tupelo, Miss., Nov. 28 – Two CLO managers closed Wednesday on deals priced in the U.S. and European primary markets.
ArrowMark Colorado Holdings LLC sold $409.9 million of notes in its second new dollar-denominated transaction of the year.
Investcorp Credit Management EU Ltd. priced a €410.4 million CLO deal in its second euro-denominated offering year to date.
More than $100 billion of dollar-denominated CLOs and more than €24 billion of euro-denominated CLOs have priced in 2018, according to market sources.
ArrowMark sells CLO
ArrowMark Colorado Holdings sold $409.9 million of notes due Oct. 20, 2031 in the CLO offering that closed on Wednesday, according to a market source.
Elevation CLO 2018-10, Ltd./Elevation CLO 2018-10 LLC priced $256 million of class A senior secured floating-rate notes at Libor plus 127 basis points in the senior tranche.
MUFG was the placement agent.
The CLO is backed primarily by broadly syndicated first-lien senior secured corporate loans.
The company has priced two new CLOs and refinanced one vintage CLO year to date. In 2017, ArrowMark priced three new CLOs and refinanced one vintage CLO.
The investment management firm is based in Denver.
Investcorp prices CLO
Investcorp Credit Management EU priced €410.4 million of notes due Oct. 20, 2031 in its deal that settled on Wednesday, according to a market source.
Harvest CLO XX DAC priced the €246 million of class A senior secured floating-rate notes at Euribor plus 96 bps.
J.P. Morgan Securities plc was the placement agent.
The deal is backed primarily by a portfolio of senior secured loans and senior secured bonds.
Investcorp has priced two new CLOs and refinanced two vintage CLOs year to date.
In 2017, the CLO manager priced two new euro-denominated CLOs and refinanced six vintage European CLOs.
Investcorp is a subsidiary of Bahrain-based Investcorp Bank BSC.
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