Sankaty prices $516.5 million CLO; Monroe Capital brings CLO; LCM refinances; spreads flat

By Cristal Cody

Tupelo, Miss., May 12 – New primary and refinancing activity continued in the CLO market, according to sources on Tuesday.

Sankaty Advisors LLC brought a $516.5 million CLO offering.

Monroe Capital Management, LLC priced a $412 million middle market-backed deal.

LCM Asset Management LLC, in the primary market earlier in the year, refinanced $443.24 million of notes in a vintage 2012 deal.

In the secondary market, spreads have been mostly unchanged with AAA-rated notes seen about 5 basis points wider, a source said.

Sankaty Advisors sold $516.5 million of notes due Aug. 5, 2027 in the Avery Point CLO VI, Ltd./Avery Point CLO VI, Corp. offering, according to a market source.

The CLO priced $302.5 million of AAA-rated floating-rate notes at Libor plus 145 bps in the senior tranche.

Morgan Stanley & Co. LLC was the placement agent.

Sankaty Advisors is the CLO manager.

Meanwhile, Monroe Capital Management priced $412 million of notes in the Monroe Capital CLO 2015-1 Ltd. offering, a market source said.

The CLO sold $252 million of class A floating-rate notes at Libor plus 143 bps at the top of the capital structure.

BNP Paribas Securities Corp. arranged the deal.

Monroe Capital Management will manage the CLO.

Separately, LCM Asset Management refinanced $443.24 million of notes due Oct. 19, 2022 in the vintage 2012 LCM XII LP/LCM XII LLC CLO deal, according to a market source.

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