Elmwood prices $1 billion; Antares sells middle-market CLO; Carlyle brings reprint

By Cristal Cody

Tupelo, Miss., April 12 – Elmwood Asset Management LLC priced $1 billion of notes in the largest reported broadly syndicated CLO offering in the primary market year to date.

The deal is Elmwood’s second new issue transaction in 2019.

In the middle-market space, Antares Capital Advisers LLC priced a $505.34 million CLO in its first transaction of the year.

Elsewhere, Carlyle CLO Management LLC returned to the market to price $553.3 million of notes in a second refinancing of a vintage 2012 transaction. The CLO was first refinanced in 2016.

In other activity, outflows from leveraged loans widened to $610 million for the week ended April 10 from $460 million in the prior week, according to a BofA Merrill Lynch report released on Friday.

Elmwood prints second CLO

Elmwood Asset Management priced $1,003,200,000 of notes due April 20, 2031 in the Elmwood CLO II Ltd. broadly syndicated CLO transaction, according to market sources.

The CLO sold $640 million of class A floating-rate notes at Libor plus 145 basis points in the senior tranche.

J.P. Morgan Securities LLC was the placement agent.

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

The CLO manager has priced two new CLOs year to date.

Elwood Asset Management is a New York-based hedge fund created in 2018.

Antares prices

Antares Capital Advisers priced $505.34 million of notes due July 20, 2031 in the Antares CLO 2019-1, Ltd./Antares CLO 2019-1, LLC middle-market transaction, according to market sources.

The CLO sold $290 million of the class A-1 floating-rate notes at Libor plus 168 bps and $9 million of class A-2 floating-rate notes at Libor plus 190 bps.

Deutsche Bank Securities Inc. was the placement agent.

The notes are backed primarily by middle-market senior secured term loans.

Antares has priced one CLO transaction year to date.

In 2018, the CLO manager placed three new middle-market CLOs.

The Chicago-based investment management firm is an affiliate of Antares Holding LP.

Carlyle reprices CLO

Carlyle CLO Management priced $553.3 million of notes in a second refinancing of the vintage Carlyle Global Market Strategies CLO 2012-4, Ltd./Carlyle Global Market Strategies CLO 2012-4 LLC deal, according to a market source.

The CLO sold $372 million of the class A-1-RR floating-rate notes at Libor plus 136 bps and $12 million of class A-2-RR floating-rate notes at Libor plus 170 bps.

Barclays was the refinancing agent.

The maturity on the refinanced notes was extended to April 22, 2032 from Jan. 20, 2029.

The CLO was originally issued Dec. 12, 2012.

In the first $620.25 million refinancing deal issued Oct. 20, 2016, the CLO sold $377.5 million of class A-R floating-rate notes at Libor plus 145 bps.

Proceeds will be used to redeem the refinanced notes.

Carlyle has priced one new CLO and one refinanced CLO year to date. The CLO manager priced four dollar-denominated broadly syndicated CLOs in 2018.

The asset management firm is an affiliate of Washington, D.C.-based Carlyle Group.

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