OFS prices; CSAM refinances; Banca Popolare di Bari brings deal; BBB, BB CLO notes ease

By Cristal Cody

Tupelo, Miss., Aug. 19 – New issuance in the CLO market includes a $414.6 million deal from OFS Capital Management LLC, a €343.15 million offering from Banca Popolare di Bari and a $365.5 million vintage 2011 refinancing transaction from Credit Suisse Asset Management, LLC, according to market sources.

OFS Capital Management brought the OFSI Fund VII Ltd./OFSI Fund VII LLC deal via Nomura Securities International Inc. The OFSI Fund placed the AAA tranche at Libor plus 134 basis points.

The offering is the second CLO the Chicago-based investment arm of Orchard First Source Asset Management LLC has priced in 2014.

In European primary activity, Bari, Italy-based financial services company Banca Popolare di Bari brought the €343.15 million 2014 Popolare Bari SME Srl transaction, according to a market source.

The CLO priced the AA+ notes at Euribor plus 130 bps.

J.P. Morgan Securities plc was the placement agent.

In new refinancing activity, Credit Suisse Asset Management sold $365.5 million of notes in the Atrium VII/Atrium VII, LLC transaction, according to a market source.

The CLO priced $253 million of AAA-rated notes at Libor plus 110 bps, tighter than where the class A notes originally priced at Libor plus 155 bps.

Credit Suisse Securities (USA) LLC was the refinancing agent.

In U.S. CLO secondary activity, AAA, AA and A notes remain flat, while BBB and BB notes have eased 10 bps since the start of the month, according to a market source.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.