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CLO issuance to date hits $100 billion; GoldenTree, Benefit Street Partners price deals
By Cristal Cody
Tupelo, Miss., Oct. 10 – More than $100 billion of CLOs have priced year to date following new issuance from GoldenTree Asset Management LP and Benefit Street Partners LLC, according to market sources and data compiled by Prospect News.
GoldenTree Asset Management priced $667.75 million of notes in a CLO offering via BofA Merrill Lynch, according to a market source.
GoldenTree Loan Opportunities IX Ltd./GoldenTree Loan Opportunities IX, LLC sold $409.5 million of class A senior secured floating-rate notes (Aaa//AAA) at Libor plus 151 basis points in the deal.
The CLO also priced $13 million of class F mezzanine deferrable floating-rate notes (B3) at Libor plus 575 bps at the bottom of the capital structure.
GoldenTree Asset Management previously sold $614 million of notes in the GoldenTree Loan Opportunities VIII, Ltd./ GoldenTree Loan Opportunities VIII, LLC transaction in March.
The New York City-based private investment firm priced three CLO deals in 2013.
Benefit Street prices
Benefit Street Partners raised $516 million in the Benefit Street Partners CLO V, Ltd./Benefit Street Partners CLO V LLC transaction, according to a market source.
At the top of the capital structure, the CLO priced $317.5 million of class A senior secured floating-rate notes (Aaa/AAA/) at Libor plus 160 bps. At the bottom of the capital stack, the CLO sold $21.25 million of class E secured deferrable floating-rate notes (/BB/) at Libor plus 515 bps.
Morgan Stanley & Co. LLC was the placement agent.
Benefit Street Partners was last in the market on May 2 with the $512.27 million Benefit Street Partners IV, Ltd. deal.
The New York City-based credit investment arm of Providence Equity Partners LLC placed two CLOs in 2013.
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