NCC prices $611.9 million CLO; Monroe Capital wraps $455.75 million middle-market deal

By Cristal Cody

Tupelo, Miss., Nov. 20 – Both broadly syndicated and middle-market CLO managers are closing deals ahead of the Thanksgiving Day holiday.

NCC CLO Manager LLC priced $611.9 million of notes in a new broadly syndicated CLO deal that closed on Tuesday.

In the middle-market space, Monroe Capital LLC announced on Tuesday that it closed on a new $455.75 million transaction. The deal is the middle-market lender’s third CLO offering completed in the past 13 months.

“We continue to see very strong interest in Monroe’s CLO platform,” Jeremy VanDerMeid, managing director of Monroe, said in the release. “Our investor base continues to expand in the U.S., Europe and Asia.”

More than $100 billion of broadly syndicated CLOs and $12 billion of middle-market CLOs have priced year to date, according to market sources.

NCC prices second CLO

NCC CLO Manager priced $611.9 million of notes due Oct. 15, 2031 in the broadly syndicated deal, according to a market source.

Nassau 2018-II Ltd./Nassau 2018-II LLC sold $384 million of class A senior secured floating-rate notes at Libor plus 128 basis points in the AAA-rated tranche.

J.P. Morgan Securities LLC arranged the offering.

The company issued its first CLO deal, the $438 million Nassau 2017-I Ltd./Nassau 2017-I LLC transaction, in 2017. NCC CLO manager has priced two CLOs year to date.

NCC CLO Manager is an adviser of Darien, Conn.-based Nassau Corporate Credit LLC.

Monroe Capital prints

Monroe Capital priced $455.75 million of notes due Nov. 22, 2030 in a new middle-market CLO transaction, according to a market source and a news release on Tuesday.

Monroe Capital MML CLO VII, Ltd./Monroe Capital MML CLO VII, LLC sold $4.5 million of class X senior floating-rate notes, $222 million of class A-1 senior floating-rate notes and $30 million of A-2 senior fixed-rate notes in the senior tranches.

The AAA-rated tranches priced with a combined discount margin of Libor plus 149 bps.

BNP Paribas Securities Corp. was the bookrunner.

Monroe Capital Asset Management LLC will manage the CLO, which has a two-year non-call period and a four-year reinvestment period.

The CLO is secured mostly by a portfolio of middle-market senior secured loans.

The middle-market lender and private credit asset management firm is based in Chicago.

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