NCC CLO Manager prices $404.8 million broadly syndicated CLO; Apex offers $407 million

By Cristal Cody

Tupelo, Miss., Sept. 18 – In new CLO issuance, NCC CLO Manager LLC closed this week on a $404.8 million broadly syndicated deal.

The offering is the manager’s second CLO transaction priced this year.

Separately, Apex Credit Partners LLC is marketing its second CLO offering of 2019. The CLO manager plans to price $407 million of notes in the Apex Credit CLO 2019-II Ltd. transaction.

Year to date, more than $72 billion of dollar-denominated broadly syndicated CLOs have priced, according to market sources.

Nassau 2019-II prints

NCC CLO Manager priced $404.8 million of loans and notes due Oct. 15, 2032 in the Nassau 2019-II Ltd./Nassau 2019-II LLC offering, according to a market source.

Nassau 2019-II sold $198 million of class AL loans at Libor plus 145 basis points, $33 million of class AN senior secured floating-rate notes at Libor plus 145 bps and $25 million of 2.83% class AF senior secured fixed-rate notes at the top of the capital structure.

Natixis Securities Americas LLC arranged the offering.

Nassau 2019-II is collateralized primarily by first-lien senior secured corporate loans.

The CLO manager was in the primary market in 2018 with two CLO transactions.

NCC CLO Manager is an adviser of Darien, Conn.-based Nassau Corporate Credit LLC.

Apex preps CLO 2019-II

Apex Credit Partners plans to price $407 million of notes due Oct. 25, 2032 in the Apex Credit CLO 2019-II deal, according to a market source.

The offering includes $248 million of class A-1 senior secured floating-rate notes (Aaa); $16 million of class A-2 senior secured floating-rate notes; $42 million of class B senior secured floating-rate notes; $22 million of class C secured deferrable floating-rate notes; $20 million of class D secured deferrable floating-rate notes; $20 million of class E secured deferrable floating-rate notes and $39 million of subordinated notes.

Jefferies LLC is the placement agent.

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

The transaction is expected to close on Oct. 25.

Apex has priced one CLO offering year to date.

The New York City-based commercial finance firm is co-owned by Jefferies Group LLC and Massachusetts Mutual Life Insurance Co.

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