CLO primary active; Barings prints; First Eagle Investment reprices middle-market deal

By Cristal Cody

Tupelo, Miss., April 29 – Activity in the broadly syndicated and middle-market CLO spaces picked up last week with new issues and refinanced deals.

Meanwhile, Barings BDC, Inc. sold $449.25 million of notes due April 2027 in new static CLO offering on Monday.

“We are pleased to announce our first debt securitization for Barings BDC,” Eric Lloyd, chief executive officer, said in a news release. “This static CLO allows us to more closely match-fund our broadly syndicated loan portfolio at an attractive all-in cost.”

In new broadly syndicated issuance, LCM Asset Management LLC priced the expected LCM 29 Ltd./LCM 29 LLC offering via Natixis Securities Americas LLC, a source said.

Also, Credit Suisse Asset Management, LLC priced the Madison Park Funding XXXV Ltd./Madison Park Funding XXXV LLC deal. BofA Merrill Lynch was the placement agent.

Final pricing details were not immediately available.

In the middle-market space, First Eagle Investment Management, LLC sold $407.5 million of notes at par in a refinancing and renaming of a 2016 CLO. The CLO manager tightened the AAA-rated tranche by 44 basis points from the original coupon.

Year to date, broadly syndicated and middle-market volume now stands at $42 billion, 5% ahead of the same period a year ago, according to a BofA Merrill Lynch analysts’ note released on Monday.

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