PPM prices $405.6 million CLO; CSAM, GSO/Blackstone, Carlyle top managers

By Cristal Cody

Tupelo, Miss., Feb. 1 – PPM Loan Management Co., LLC priced a new $405.6 million CLO deal in the firm’s first transaction since 2018.

PPM CLO 2, Ltd. sold $256 million of class A loans at Libor plus 150 basis points, $35.2 million of class B-1 floating-rate notes at Libor plus 215 bps and $12 million of 4.849% class B-2 fixed-rate notes at the top of the capital stack.

Goldman Sachs & Co. LLC was the placement agent.

The notes are collateralized primarily by broadly syndicated first-lien senior secured corporate loans.

Deal volume has been slow to start in 2019 with a handful of issues priced year to date.

CLO issuance reached a new single year record in 2018, with $127 billion issued, Wells Fargo Securities LLC analysts David Preston and Mackenzie Miller said in a report released on Friday.

As of January, the CLO manager with the most CLOs under management is Credit Suisse Asset Management with 34 post-financial crisis CLOs and $22.1 billion of assets under management, according to the report.

GSO/Blackstone Debt Funds Management is No. 2 on Wells Fargo’s list with 32 post-crisis CLOs and $18.8 billion of assets under management.

Carlyle investment Management ranks third with 31 CLOs and $17.1 billion of assets under management.

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