Capital Four prices €385 million CLO; Trimaran prints $510.2 million; Bain Capital plans deal

By Cristal Cody

Tupelo, Miss., Oct. 23 – Capital Four CLO Management K/S priced €385 million of notes in the firm’s debut broadly syndicated CLO offering on Wednesday.

In U.S. supply, Trimaran Advisors, LLC sold $510.2 million of notes and loans in its second CLO deal of the year.

The manager priced the senior notes at Libor plus 139 basis points.

In the firm’s first CLO deal of the year, the $609.9 million Trimaran Cavu 2019-1 Ltd./Trimaran Cavu 2019-1 LLC transaction issued May 31, Trimaran Advisors placed the class A-1 floating-rate notes at Libor plus 146 bps.

Meanwhile, Bain Capital Credit U.S. CLO Manager LLC is marketing a new $505.1 million CLO deal.

Bain Capital has sold three new CLOs year to date, including the $508.5 million Bain Capital Credit CLO 2019-3 Ltd./Bain Capital Credit CLO 2019-3 LLC offering priced on Sept. 20.

More than $90 billion of new broadly syndicated CLOs have priced year to date, while the euro-denominated market has seen about €24 billion of volume so far this year, market sources report.

Capital Four brings CLO

Capital Four CLO Management priced €385 million of notes due Jan. 17, 2033 in the Capital Four CLO I DAC transaction, according to market sources.

The CLO sold €233.3 million of class A senior secured floating-rate notes at Euribor plus 93 bps in the AAA-rated tranche.

Goldman Sachs International was the placement agent.

The CLO is collateralized primarily by broadly syndicated senior secured obligations.

Capital Four CLO Management is part of Copenhagen-based credit asset management firm Capital Four Management Fondsmaeglerselskab A/S.

Trimaran brings 2019-2 CLO

Trimaran Advisors sold $510.2 million of notes and loans due Nov. 26, 2032 in its new deal, according to market sources.

Trimaran Cavu 2019-2 Ltd./Trimaran Cavu 2019-2 LLC sold $63 million of class A-NA floating-rate notes at Libor plus 139 bps, $300 million of class A-L loans at Libor plus 153 bps and $12 million of 3.877% class A-NB fixed-rate notes at the top of the capital stack.

Citigroup Global Markets Inc. was the placement agent.

The notes are collateralized primarily by broadly syndicated senior secured loans.

Trimaran Advisors has now priced two CLOs year to date.

The manager is a subsidiary of New York-based LibreMax Capital, LLC.

Bain Capital offers CLO 2019-4

Bain Capital Credit U.S. CLO Manager is offering $505.1 million of notes due in January 2033 in a new transaction, according to market sources.

The Bain Capital Credit CLO 2019-4 Ltd./Bain Capital Credit CLO 2019-4 LLC deal includes $300 million of class A senior secured floating-rate notes (Aaa/AAA); $25 million of class A-2 senior secured floating-rate notes (Aaa/non-rated); $55 million of class B senior secured floating-rate notes (AA); $32.5 million of class C senior secured deferrable floating-rate notes (A); $27.5 million of class D senior secured deferrable floating-rate notes (BBB-); $20 million of class E senior secured deferrable floating-rate notes (BB-) and $45.1 million of subordinated notes.

Credit Suisse Securities (USA) LLC is the placement agent.

The CLO is collateralized mostly by broadly syndicated senior secured loans from issuers based in the United States or Canada.

The deal is expected to close in December.

The CLO manager is part of Boston-based asset management firm Bain Capital Credit, LP.

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