GSO prices $573.79 million middle-market CLO; Triumph reprices; volume outpaces 2018

By Cristal Cody

Tupelo, Miss., April 26 – In new CLO issuance, GSO Capital Partners, LP priced $573.79 million of notes in a middle-market offering that closed on Friday.

In the refinancing space, Triumph Capital Advisors, LLC priced $350 million of notes in a reprint of a 2016 broadly syndicated CLO.

April has seen $13 billion of new CLO issuance, according to a Wells Fargo Securities, LLC analysts’ note on Friday.

“U.S. CLO issuance continues its robust pace in April, with $42 billion priced year to date,” Wells Fargo analysts said in the note. “YTD 2019 issuance is now 5% higher than 2018 YTD volume. On a deal count basis, YTD 2019 U.S. CLO issuance is 18% higher than 2018 YTD volume, as the average deal size has decreased.”

CLO supply is expected to slow in the first half of May, the Wells Fargo analysts said.

In its deal, GSO Capital Partners priced $573.79 million of notes due April 25, 2029 in the Diamond CLO 2019-1, Ltd./Diamond CLO 2019-1, LLC middle-market CLO transaction that closed on Friday, according to market sources.

The CLO sold $319,125,000 of class A-1 floating-rate notes at Libor plus 160 basis points and $37,375,000 of class A-2 floating-rate notes at Libor plus 185 bps.

Wells Fargo Securities LLC was the placement agent.

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