Carlson Capital taps market; PineBridge raises €335.05 million; Babson refinances CLO

By Cristal Cody

Tupelo, Miss., June 11 – Carlson Capital, LP returned to the CLO primary market for the first time since 2013 with a $410.6 transaction, according to a market source on Thursday.

In other market action, European CLO volume rose with a €335.05 million offering from PineBridge Investments LLC.

In the refinancing space, Babson Capital Management LLC refinanced $369 million of notes in a vintage 2012 CLO deal.

More than $71 billion of U.S. dollar- and euro-denominated CLOs have priced year to date, according to Prospect News data.

Carlson Capital priced $410.6 million of notes due July 15, 2027 in the Cathedral Lake II Ltd./Cathedral Lake II Corp. transaction, according to a market source.

The CLO sold $3.75 million of class A-X floating-rate notes at Libor plus 130 basis points and $257 million of class A-1 floating-rate notes at Libor plus 159 bps at the top of the capital structure.

Jeffries LLC was the placement agent.

Carlson Capital will manage the CLO, which is backed primarily by broadly syndicated senior secured corporate loans.

Meanwhile, PineBridge Investments priced €335.05 million of notes in the Euro-Galaxy IV CLO Ltd./Euro-Galaxy IV CLO LLC deal, a market source said.

The CLO sold €66 million of class A-1D floating-rate notes at Euribor plus 120 bps in the senior slice.

Goldman Sachs & Co. was the placement agent.

PineBridge Investments will manage the CLO.

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