Partners prices $407 million CLO; Investcorp prints euro CLO; 325 Fillmore brings reset

By Cristal Cody

Tupelo, Miss., Aug. 16 – In new dollar-denominated CLO issuance, Partners Group US Management CLO LLC priced $407 million of notes in the manager’s second broadly syndicated deal of the year.

The AAA-rated tranche priced 6 basis points tighter than where the manager’s class A notes came in its first CLO offering earlier in the year.

Looking at the European primary market, Investcorp Credit Management EU Ltd. brought its second new CLO transaction of 2019. The CLO manager priced €477.88 million of notes in the offering.

Meanwhile, the refinancing space continue to see steady activity. 325 Fillmore LLC priced $333.22 million of notes in a second refinancing of a vintage 2013 CLO deal.

In other market activity, leveraged loan outflows continued with a $790 million outflow for the past week ended Wednesday, according to a BofA research note released on Friday. Last week, the space saw $730 million of outflows.

Pikes Peak CLO 4 prices

Partners Group US Management CLO priced $407 million of notes due July 15, 2032 in the CLO offering that closed on Thursday, according to a market source.

Pikes Peak CLO 4, Ltd. sold $256 million of the class A senior secured floating-rate notes at Libor plus 137 bps.

BofA Securities, Inc. was the placement agent.

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

Partners Group US Management previously priced the $481.8 million Pikes Peak CLO 3, Ltd. deal on March 29. In that offering, the CLO priced the class A floating-rate notes at Libor plus 143 bps.

The global private markets investment management firm has U.S. offices in Denver, New York and Houston.

Investcorp sells CLO

Investcorp Credit Management EU priced €477.88 million of notes due 2032 in its CLO deal, according to a market source.

Harvest CLO XXII DAC sold €272.25 million of the class A floating-rate notes at Euribor plus 110 bps.

Citigroup Global Markets Ltd. was the placement agent.

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

The CLO manager has priced two euro-denominated CLOs year to date.

The €409.45 million Harvest CLO XXI DAC deal priced on Feb. 8 and sold the tranche of class A-1 senior secured floating-rate notes at Euribor plus 108 bps.

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

Elevation CLO 2013-1 prints

325 Fillmore priced $333.22 million of notes in a second CLO deal refinancing, according to a market source and a notice of executed fourth supplemental indenture on Thursday.

The original Arrowpoint CLO 2013-1 Ltd./Arrowpoint CLO 2013-1 LLC transaction was renamed Elevation CLO 2013-1, Ltd./Elevation CLO 2013-1, LLC.

Elevation CLO 2013-1 priced $271.3 million of class A-L loans at Libor plus 155 bps at the top of the capital structure.

At the bottom of the capital stack, the CLO priced $10.71 million of class D-R2 secured deferrable floating-rate notes at Libor plus 765 bps that will reset to Libor plus 1,135 bps after the payment date in February 2024.

Goldman Sachs & Co. LLC was the refinancing placement agent.

The maturity on the refinanced notes was extended to Aug. 15, 2032 from Nov. 15, 2028.

Arrowpoint CLO 2013-1 was originally issued on April 25, 2013 and was first refinanced in a $331.2 million offering on Nov. 25, 2016.

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

325 Fillmore is an investment management firm based in Denver.

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