Partners brings firm’s second CLO of year; TPG prices $410 million; Oaktree wraps deal

By Cristal Cody

Tupelo, Miss., Dec. 6 – Partners Group US Management CLO LLC priced $409.8 million of notes in the manager’s second CLO deal of 2018.

TPG Institutional Credit Partners, LLC brought its fourth new CLO offering of the year to the primary market.

Meanwhile, Oaktree Capital Management LP closed Wednesday on its first CLO deal priced this year. The CLO manager sold $509.25 million of notes.

Year to date, more than $100 billion of new issue CLOs have priced, according to market sources.

About $135 billion of issuance was expected by market analysts for the year.

Partners sells $409.8 million

Partners Group US Management CLO priced $409.8 million of notes due Jan. 18, 2032 in the new deal, according to a market source.

Pikes Peak CLO 2, Ltd. sold $256 million of the class A floating-rate notes at Libor plus 129 basis points.

Credit Suisse Securities (USA) LLC was the placement agent.

The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.

Partners Group US Management has priced two dollar-denominated CLOs year to date.

The global private markets investment management firm has U.S. offices in Denver, New York and Houston.

TPG prints TICP CLO XII

TPG Institutional Credit Partners affiliate TICP CLO XII Management, LLC sold $410 million of notes due Jan. 15, 2031 in the new TICP CLO XII, Ltd./TICP CLO XII, LLC transaction, according to a market source.

The CLO priced $256 million of class A floating-rate notes at Libor plus 111 bps in the AAA-rated tranche.

Goldman Sachs & Co. LLC was the placement agent.

The transaction is collateralized primarily by broadly syndicated first-lien senior secured loans.

TPG Institutional Credit Partners has priced four new CLOs year to date.

The investment management firm is based in Fort Worth, Texas.

Oaktree prices 2018-1 CLO

Oaktree Capital Management priced $509.25 million of notes due October 2030 in its new CLO offering, according to a market source.

Oaktree CLO 2018-1 Ltd./Oaktree CLO 2018-1 LLC sold $290 million of class A-1a senior secured floating-rate notes at Libor plus 115 bps at the top of the capital stack.

Citigroup Global Markets Inc. arranged the transaction.

The issue is collateralized mainly by broadly syndicated senior secured corporate loans.

Oaktree has priced one new dollar-denominated CLO in 2018.

The Los Angeles-based asset management firm is a subsidiary of Oaktree Capital Group, LLC.

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