Neuberger, Crestline Denali, TIAA, GSO/Blackstone price CLOs; U.S. volume tops $40 billion

By Cristal Cody

Eureka Springs, Ark., Sept. 13 – Details emerged on several new CLO transactions priced in the U.S. primary markets.

Neuberger Berman Investment Advisers LLC priced a $409 million deal.

Crestline Denali Capital, LP brought a $360.98 million CLO.

TIAA Advisory Services LLC tapped the CLO middle market with a $382.19 million transaction.

GSO/Blackstone Debt Funds Management LLC sold $508.9 million of notes in a new CLO offering.

Prudential Investment Management, Inc. was in the primary market with a $659.1 million transaction.

More than $41 billion of U.S. CLOs have priced year to date, according to Prospect News data.

In its deal, Neuberger Berman Investment Advisers priced $409 million of notes due Oct. 17, 2027 in the Neuberger Berman CLO XXII, Ltd./Neuberger Berman CLO XXII, LLC deal, according to a market source.

The CLO sold $248 million of class A senior secured floating-rate notes (Aaa/AAA) at Libor plus 145 basis points in the senior tranche.

BofA Merrill Lynch arranged the transaction.

The deal is backed predominantly by broadly syndicated first-lien senior secured corporate loans.

Meanwhile, Crestline Denali Capital sold $360.98 million in its CLO offering of notes due Oct. 23, 2028, according to a market source.

Crestline Denali CLO XIV, Ltd./Crestline Denali CLO XIV LLC sold $222.25 million of class A senior secured floating-rate notes at Libor plus 157 bps at the top of the capital stack.

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