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Carlson sells $407.68 million, firm’s first new CLO since 2016; Barings taps market
By Cristal Cody
Tupelo, Miss., Sept. 13 – Details emerged Thursday on new offerings in the U.S. and European CLO primary markets.
Carlson CLO Advisors LLC priced the $407.68 million Cathedral Lake V Ltd./Cathedral Lake V LLC transaction in the firm’s first new issue of the year.
Parent company Carlson Capital, LP was last in the primary market in 2016 with the Cathedral Lake IV Ltd./Cathedral Lake IV LLC issue.
In the euro-denominated market, Barings (UK) Ltd. priced and closed Thursday on the manager’s second new European CLO transaction this year.
Carlson prices Cathedral Lake
Carlson CLO Advisors priced $407.68 million of notes due Oct. 20, 2030 in the Cathedral Lake V Ltd./Cathedral Lake V LLC transaction, according to a market source.
The CLO sold $181 million of class A-1 senior secured floating-rate notes at Libor plus 120 basis points at the top of the capital stack.
Jeffries LLC was the placement agent.
The issue is collateralized predominantly by broadly syndicated senior secured loans.
Carlson has priced one new CLO year to date.
The company’s last new issue, the $404.15 million Cathedral Lake IV Ltd./Cathedral Lake IV LLC transaction, priced Sept. 26, 2016.
The Dallas-based alternative asset management firm is a subsidiary of Carlson Capital.
Barings closes
Barings (UK) sold €406.5 million of notes due Oct. 15, 2031 in the Barings Euro CLO 2018-2 BV transaction that closed on Thursday, according to a market source.
The CLO sold €229 million of class A-1A senior secured floating-rate notes (Aaa//AAA) at Euribor plus 84 bps in the senior tranche.
Morgan Stanley & Co. International plc was the placement agent.
The CLO is backed primarily by euro-denominated senior secured corporate loans.
Barings has priced two euro-denominated CLOs year to date.
The credit fund management firm is based in London.
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