Carlyle, Onex, Pimco price broadly syndicated CLOs; Maranon Capital taps middle market

By Cristal Cody

Tupelo, Miss., Nov. 23 – Details emerged on several new broadly syndicated and middle-market CLO offerings on Monday.

Onex Credit Partners, LLC priced $399.95 million of notes in its third transaction this year.

Carlyle CLO Management LLC sold $359.83 million of notes in the manager’s second broadly syndicated CLO offering year to date.

In addition, Pacific Investment Management Co. LLC priced its first post financial-crisis broadly syndicated CLO offering, a market source said. Additional pricing details were not immediately available.

In the middle-market space, Maranon Capital, LP sold $363.63 million of notes and loans in the manager’s first middle-market CLO deal of the year.

More than $70 billion of dollar-denominated broadly syndicated CLOs and about $8 billion of middle-market CLOs have priced year to date, according to market sources.

Onex taps market

Onex Credit Partners priced $399.95 million of notes due Oct. 9, 2033 in the new OCP CLO 2020-20 Ltd./OCP CLO 2020-20 LLC transaction, according to market sources.

The CLO sold $240 million of the class A-1 floating-rate notes at Libor plus 140 basis points.

Natixis Securities Americas LLC was the placement agent.

The notes are backed primarily by broadly syndicated senior secured corporate loans.

Onex has priced three new dollar-denominated CLOs year to date.

The Toronto-based private equity firm priced one new dollar-denominated CLO in 2019.

Carlyle sells CLO

Carlyle CLO Management priced $359.83 million of notes due Oct. 25, 2031 in a new broadly syndicated CLO offering, according to market sources.

Carlyle US CLO 2020-2, Ltd./Carlyle US CLO 2020-2 LLC priced $162 million of class A-1a floating-rate notes at Libor plus 132 bps at the top of the capital stack.

J.P. Morgan Securities LLC was the placement agent.

The notes are backed primarily by first-lien senior secured corporate loans.

Carlyle has priced two dollar-denominated CLOs year to date.

The asset management firm is an affiliate of the Washington, D.C.-based Carlyle Group.

Maranon Capital prices

Maranon Capital priced $363,625,000 of notes and loans due Jan. 15, 2034 in the manager’s first middle-market CLO offering of 2020, according to market sources.

Maranon Loan Funding 2020-1 Ltd./Maranon Loan Funding 2020-1 LLC sold $111.5 million of class A floating-rate notes at Libor plus 195 bps in the AAA-rated tranche.

Morgan Stanley & Co. LLC was the placement agent.

The transaction is collateralized primarily by middle-market senior secured loans.

Maranon Capital is a Chicago-based investment management firm that provides middle-market financing services.

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