| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers F > Headlines for First Eagle Alternative Credit, LLC > News item |
Brigade sells $398.6 million CLO; First Eagle brings middle-market deal; CLO spreads flat
By Cristal Cody
Tupelo, Miss., Oct. 5 – In new CLO issuance, Brigade Capital Management, LP priced a $398.6 million broadly syndicated offering.
Meanwhile, First Eagle Alternative Credit, LLC sold $313.95 million of notes in a middle-market CLO.
About $6 billion of middle-market CLOs and more than $58 billion of broadly syndicated CLOs have priced year to date, market sources said.
In the secondary market, broadly syndicated CLO spreads were unchanged “across the board” last week as BWIC volume dropped 50% to $744 million, down from $1.43 billion of volume in the prior week, according to a BofA Securities, Inc. research note released on Monday.
AAA spreads ended Friday flat on the week at a Libor plus 145 basis points average.
BBB tranches were steady at Libor plus 475 bps.
Brigade prints Battalion CLO
Brigade Capital Management priced $398.6 million of notes due Oct. 15, 2032 in the CLO offering, according to market sources.
Battalion CLO 18 Ltd./Battalion CLO 18 LLC sold $236 million of class A-1 floating-rate notes at Libor plus 180 bps at the top of the capital stack.
Barclays was the placement agent.
The notes are backed primarily by broadly syndicated first-lien senior secured loans.
Brigade Capital is an investment adviser firm based in New York.
First Eagle prices
First Eagle Alternative Credit priced $313.95 million of notes due Oct. 15, 2029 in the Lake Shore MM CLO III LLC/Lake Shore MM CLO III LLC transaction, according to market sources.
The middle-market CLO sold $182 million of class A floating-rate notes at Libor plus 230 bps in the AAA-rated tranche.
Citigroup Global Markets Inc. was the placement agent.
The deal is backed primarily by first-lien senior secured middle-market loans, cash and eligible investments.
Boston-based First Eagle is an alternative credit management firm.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.