Steele Creek prices $405.6 million; CVC brings euro deal; THL closes middle-market CLO

By Cristal Cody

Tupelo, Miss., April 23 – Steele Creek Investment Management LLC and CVC Credit Partners Group Ltd. priced new CLOs, while THL Credit Advisors LLC closed on a middle-market deal.

Steele Creek Investment Management priced a $405.6 million broadly syndicated offering.

CVC Credit Partners Group sold €412.2 million of notes in its transaction.

Meanwhile on Tuesday, THL Credit Advisors announced it closed on its first middle-market CLO deal.

THL sold $410.5 million of notes due April 15, 2030 in the previously reported THL Credit Lake Shore MM CLO I Ltd. transaction via Deutsche Bank Securities Inc. on March 8. The CLO priced the AAA-rated tranche at Libor plus 170 basis points.

The Boston-based alternative credit investment firm said in a news release that the “offering represents THL Credit’s first collateralized loan obligation that includes middle market leveraged loans.”

With the completion of the deal, THL Credit said it and its affiliates now manage 24 CLOs totaling approximately $13 billion in assets.

“THL Credit has been originating middle market loans for the past 10 years and we find the risk adjusted returns compelling for our dedicated direct lending funds,” Michael A. Herzig, managing director of THL Credit, said in the release. “Lake Shore I and its successors will enable us to provide both direct lending and club middle market loans to our global CLO investor base.”

Steele Creek prints CLO

Steele Creek Investment Management priced $405.6 million of loans and notes in the new transaction, according to a market source.

Steele Creek CLO 2019-1 Ltd./Steele Creek CLO 2019-1, LLC sold $260 million of class A-L loans (Aaa expected) at par to yield Libor plus 147 bps.

RBC Capital Markets, LLC was the placement agent.

Steele Creek Investment Management priced two new CLOs in 2018.

The Charlotte, N.C.-based asset management firm is a subsidiary of global advisory firm Moelis & Co. LLC.

CVC prices €412.2 million

CVC Credit Partners Group priced €412.2 million of notes due 2032 in the CVC Cordatus Loan Fund XIV DAC transaction, according to a market source.

At the top of the capital structure, the CLO sold €2 million of class X senior secured floating-rate notes at Euribor plus 50 bps, €211 million of class A-1 senior secured floating-rate notes at Euribor plus 109 bps, €25 million of 1.45% class A-2 senior secured fixed-rate notes and €10 million of class A-3 senior secured floating-rate notes at Euribor plus 140 bps.

Goldman Sachs International was the placement agent.

CVC Credit Partners European CLO Management LLP is the CLO manager.

The issue is backed primarily by euro-denominated senior secured obligations.

CVC is the credit management arm of London-based private equity firm CVC Capital Partners Ltd.

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