Bardin Hill offers new CLO following name change; GoldenTree eyes second euro CLO

By Cristal Cody

Tupelo, Miss., Nov. 13 – CLO managers are marketing new deals in both the U.S. and European primary markets.

Bardin Hill Investment Partners LP, formerly known as Halcyon Capital Management LP, plans to price a $461.72 million CLO in the company’s first deal since its new name was announced in October.

In the euro-denominated space, GoldenTree Asset Management LP is offering €405.1 million of notes in the CLO manager’s second European deal of the year.

More than $100 million of new issue dollar-denominated CLOs and more than €24 billion of new euro-denominated CLOs have priced year to date, according to market sources.

Bardin Hill on tap

Bardin Hill Investment Partners is offering $461.72 million of notes due Jan. 22, 2031 in the broadly syndicated CLO offering, according to a market source.

The Halcyon Loan Advisors Funding 2018-2 Ltd./Halcyon Loan Advisors Funding 2018-2 LLC deal includes $263 million of class A-1A senior secured floating-rate notes (Aaa/AAA), $29.5 million of class A-1B senior secured floating-rate notes (Aaa/non-rated/), $49.5 million of class A-2 senior secured floating-rate notes (non-rated/AA/), $23.4 million of class B senior secured deferrable floating-rate notes (non-rated/A/), $27.9 million of class C senior secured deferrable floating-rate notes (non-rated/BBB-/), $20.7 million of class D senior secured deferrable floating-rate notes (Ba3/non-rated/), $4.63 million of class E secured deferrable floating-rate notes (B3/non-rated/) and $43.09 million of subordinated notes.

BNP Paribas Securities Corp. is the placement agent.

Halcyon Loan Advisors 2018-2 LLC will manage the CLO.

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

The transaction is expected to close on Dec. 27.

Bardin Hill is a New York City-based investment management firm.

GoldenTree offers CLO

GoldenTree Asset Management plans to price €405.1 million of notes due Jan. 20, 2032 in its CLO offering, according to a market source.

The GoldenTree Loan Management EUR CLO 2 DAC deal includes €2 million of class X senior secured floating-rate notes (Aaa//AAA), €240 million of class A senior secured floating-rate notes (Aaa//AAA), €19 million of class B-1 senior secured floating-rate notes (Aa2//AA) and €20 million of class B-2 senior secured fixed-rate notes (Aa2//AA).

The transaction also includes €27.7 million of class C senior secured deferrable floating-rate notes (A2//A); €26.5 million of class D senior secured deferrable floating-rate notes (Baa3//BBB-); €24.3 million of class E senior secured deferrable floating-rate notes (Ba2//BB-); €10.2 million of class F senior secured deferrable floating-rate notes (B2//B-) and €35.4 million of subordinated notes.

Morgan Stanley & Co. International plc is the placement agent.

The notes are mostly secured by senior secured loans and eligible investments.

The deal is expected to close on Dec. 20.

GoldenTree Asset Management has priced one new issue euro-denominated CLO year to date.

The private investment firm is based in New York City.

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