NIBC Bank prices €410 million CLO; MidOcean closes dollar CLO with ESG constraints

By Cristal Cody

Tupelo, Miss., Dec. 2 – NIBC Bank NV priced €410 million of notes in the manager’s first euro-denominated broadly syndicated CLO offering of 2019.

Euro-denominated volume already has surpassed market expectations with more than €28 billion of issuance year to date, according to sources.

In the U.S. market, MidOcean Credit Partners, an affiliate of New York City-based private equity firm MidOcean Partners, on Monday announced the closing of a $400 million offering that marks the company’s first CLO structured to include environmental, social and corporate governance parameters.

The MidOcean Credit CLO X/MidOcean Credit CLO X LLC transaction’s concentration limits prohibit investments in obligors whose principal business is directly derived from pornography, the production of tobacco, the production or marketing of controversial weapons or the development of nuclear weapons programs.

The previously reported CLO priced on Nov. 1 and closed on Nov. 29 in a transaction led by Barclays. At the top of the capital structure, the $246 million of class A-1 floating-rate notes priced at Libor plus 139 basis points.

“The successful closing of our 10th CLO demonstrates our strong capability to continue to structure transactions that meet the demands of our investors,” Jim Wiant, senior portfolio manager at MidOcean Credit Partners, said in the release.

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