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Audax sells $499.56 million debut CLO; middle market active; CSAM prices $596.65 million
By Cristal Cody
Tupelo, Miss., June 3 – The CLO middle-market space is picking up steam in 2019 with new managers in the primary market.
Audax Management Co. (NY) LLC priced a $499.56 million deal in the manager’s first CLO deal. The CLO is backed by a combination of broadly syndicated and middle-market first-lien senior secured loans.
First-time issuer FS KKR Capital Corp. also priced a new middle-market CLO offering, FS KKR MM CLO 1 LLC, a source said. Citigroup Global Markets Inc. was the placement agent. Final pricing details were not immediately available.
The CLO middle market has seen $6.1 billion of supply year to date across 13 deals, according to a BofA Securities research report released on Monday.
Four new managers have tapped the primary market so far this year, the report said.
The year “is on track to mark the third straight year of $14+ [billion] supply for the market,” the BofA Securities analysts said. “Strong issuance has pushed the outstanding size of the sector to over $50 [billion].”
CLO middle-market volume has seen about 12% of broadly syndicated CLO issuance this year.
Elsewhere, in broadly syndicated primary action, Credit Suisse Asset Management, LLC priced $596.65 million of notes in the manager’s third new dollar-denominated CLO transaction of the year.
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