Owl Rock wraps $395.31 million middle-market CLO; AAA, AAs rally; trading volume heavy

By Cristal Cody

Tupelo, Miss., March 27 – Several CLO managers closed on new broadly syndicated and middle-market deals, while prices are improving in the secondary market, according to market sources on Friday.

Owl Rock Capital Advisors LLC closed on a new $395.31 million middle-market CLO.

Owl Rock CLO III, Ltd./Owl Rock CLO III, LLC sold $166 million of class A-1L loans, $40 million of 2.75% class A-1F fixed-rate notes, $20 million of class A-2 floating-rate notes, $34 million of class B floating-rate notes and $135.31 million of subordinated notes.

Also on Friday, GLG Partners LP closed on its previously reported €352.78 million Man GLG Euro CLO VI DAC broadly syndicated deal, which placed €217 million of class A senior secured floating-rate notes at Euribor plus 90 bps.

In addition, Bain Capital Credit LP closed Friday on its previously reported $507.9 million Bain Capital Credit CLO 2020-1 Ltd./Bain Capital Credit CLO 2020-1 LLC broadly syndicated offering. The CLO had priced the senior tranche at Libor plus 119 bps.

Meanwhile, CLOs have improved along with the loan market and other credit markets, Wells Fargo Securities, LLC analysts said in a note on Friday.

“AAA and AA prices have posted a significant rally on the week; single-A’s have also posted a large increase,” the analysts said.

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