CSAM, LCM price firms’ first new issue CLOs of year; Accunia brings €477.03 million reprint

By Cristal Cody

Tupelo, Miss., April 10 – Two more CLO managers tapped the CLO primary market with their first offerings of the year.

Credit Suisse Asset Management, LLC priced $503.3 million of notes in its first CLO transaction of 2019.

LCM Asset Management LLC sold $404.55 million of notes at par in its first new issue deal this year. LCM also has refinanced one vintage CLO year to date.

In refinancing activity, details emerged on Accunia Fondsmaeglerselskab A/S’ €477.03 million reissue of a 2016 euro-denominated CLO.

Year to date, about $30 billion of new issue CLOs have priced, while about $9 billion of dollar-denominated CLOs and about €1 billion of European CLOs have been refinanced, according to market sources.

CSAM prices XXXIV CLO

Credit Suisse Asset Management sold $503.3 million of notes due April 25, 2031 in the Madison Park Funding XXXIV Ltd./Madison Park Funding XXXIV LLC transaction, according to market sources.

At the top of the capital structure, the CLO sold $294.5 million of class A-1 floating-rate notes at Libor plus 133 basis points, $27.8 million of 3.97% class A-2 fixed-rate notes and $50.1 million of class B floating-rate notes at Libor plus 185 bps.

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

The notes are collateralized primarily by broadly syndicated senior secured loans.

Credit Suisse Asset Management is a unit of Credit Suisse Group AG.

LCM prints LCM 30

LCM Asset Management sold $404.55 million of notes due April 20, 2031 at par in the LCM 30 Ltd./LCM 30 LLC deal, according to market sources.

In the senior floating-rate tranches, the CLO priced $2 million of class X notes at Libor plus 75 bps, $242 million of class A-1 notes at Libor plus 133 bps, $18 million of class A-2 notes at Libor plus 165 bps and $37.6 million of class B notes at Libor plus 185 bps.

Morgan Stanley & Co. LLC was the placement agent.

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

The New York City-based asset management firm is a subsidiary of Tetragon Financial Group Ltd.

Accunia reissues CLO

Accunia Fondsmaeglerselskab priced €477.03 million of notes in a refinancing of the Accunia European CLO I BV transaction, according to market sources.

Accunia European CLO I sold €283.7 million of the class A-R senior secured floating-rate notes at Euribor plus 95 bps, €20 million of class B-1-R senior secured floating-rate notes at Euribor plus 170 bps and €27.4 million of 2.35% class B-2-R senior secured fixed-rate notes.

Citigroup Global Markets Ltd. was the refinancing placement agent.

The notes were originally issued as part of a €421.23 million deal on Aug. 4, 2016. In that offering, the CLO sold €237.75 million of the class A senior secured floating-rate notes at Euribor plus 143 bps and €52.25 million of class B senior secured floating-rate notes at Euribor plus 225 bps.

The CLO is backed primarily by broadly syndicated European senior secured loans and bonds.

Accunia is an asset management firm based in Copenhagen.

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