Investcorp, BlueMountain wrap euro CLOs; Bain prices $506.75 million; THL deal on tap

By Cristal Cody

Tupelo, Miss., March 22 – Two managers closed Friday on new euro-denominated CLO offerings, while details emerged on a new U.S. CLO issue and a U.S. manager prepared to price its third deal of the year.

Investcorp Credit Management EU Ltd. priced €409.45 million of notes in its new broadly syndicated CLO.

BlueMountain Fuji Management, LLC placed €360.3 million of notes in its CLO offering.

In U.S. supply, Bain Capital Credit CLO Advisors, LP priced $506.75 million of notes in its first CLO deal of 2019.

In other action, THL Credit Advisors LLC plans to price $610.9 million of notes in its third CLO offering of the year.

The CLO manager priced the $504.65 million broadly syndicated THL Credit Wind River 2019-1 CLO Ltd./THL Credit Wind River 2019-1 LLC transaction expected to close on April 17 and the $410.5 million THL Credit Lake Shore MM CLO I Ltd. transaction set to close April 23.

THL Credit Advisors priced three new CLOs in 2018.

In other activity, outflows from leveraged loans rose to $260 million for the week ended March 20 from $550 million in the previous week, according to a BofA Merrill Lynch research note released on Friday.

Investcorp closes offering

Investcorp Credit Management EU closed Friday on a new €409.45 million broadly syndicated CLO deal, according to market sources.

Harvest CLO XXI DAC sold €210 million of class A-1 senior secured floating-rate notes at Euribor plus 108 basis points and €30 million of 1.3% class A-2 senior secured fixed-rate notes in the AAA-rated tranches.

The notes are due July 15, 2031.

Barclays was the placement agent.

The deal is backed primarily by a portfolio of senior secured loans and senior secured bonds.

Investcorp is a subsidiary of Bahrain-based Investcorp Bank BSC.

BlueMountain wraps CLO

BlueMountain Fuji Management priced a €360.3 million euro-denominated CLO deal that closed on Friday, according to market sources.

BlueMountain Fuji EUR CLO IV DAC sold €201.25 million of class A-1 senior secured floating-rate notes at Euribor plus 108 bps and €15.75 million of class A-2 senior secured floating-rate notes at Euribor plus 135 bps at the top of the capital stack.

Deutsche Bank AG, London Branch was the placement agent.

The notes are due March 30, 2032.

The deal is backed by euro-denominated broadly syndicated senior secured loans.

BlueMountain Fuji is an investment management firm based in New York.

Bain Capital prices

Bain Capital Credit CLO Advisors priced $506.75 million of notes due April 15, 2032 in its CLO deal, according to market sources.

Bain Capital Credit CLO 2019-1 Ltd./Bain Capital Credit CLO 2019-1 LLC sold $52 million of the class A-1A floating-rate notes at Libor plus 138 bps.

Jefferies LLC arranged the deal.

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

Bain Capital Credit is an asset management firm based in Boston.

THL Credit offers CLO

THL Credit Advisors is offering $610.9 million of notes due April 15, 2031 in the THL Credit Wind River 2019-3 CLO Ltd./THL Credit Wind River 2019-3 LLC transaction, according to a market source.

The deal includes $4 million of class X senior secured floating-rate notes (AAA); $360 million of class A-1 senior secured floating-rate notes (Aaa/AAA); $24 million of class A-2 senior secured floating-rate notes (Aaa/non-rated); $66 million of class B senior secured floating-rate notes (AA); $39.3 million of class C mezzanine secured deferrable floating-rate notes (A); $32.7 million of class D mezzanine secured deferrable floating-rate notes (BBB-); $27.9 million of class E junior secured deferrable floating-rate notes (BB-) and $57 million of subordinated notes.

BNP Paribas Securities Corp. is the placement agent.

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

THL has priced one new broadly syndicated CLO and one middle-market CLO offering year to date.

The alternative credit investment firm is based in Boston.

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