Near-term deal pipeline takes shape; 3i Debt to bring upsized $759.8 million CLO offering

By Cristal Cody

Tupelo, Miss., Jan. 27 – Though CLO primary action has stayed thin over the first month of the year, issuance is expected to pick up with the near-term deal pipeline continuing to build, according to market sources on Tuesday.

3i Debt Management U.S. LLC plans to upsize an initial $610 million CLO offering to $759.8 million, a source said.

Other CLO managers expected to bring deals in the near term include Pinebridge Investments LLC, which is marketing $508.2 million of notes in the Galaxy XIX CLO Ltd./Galaxy XIX CLO LLC deal. Citigroup Global Markets Inc. is the placement agent.

Och-Ziff Loan Management LP intends to bring the $512 million OZLM XI, Ltd./OZLM XI, LLC transaction via arranger BofA Merrill Lynch.

Middle market CLO manager GC Investment Management LLC plans to price $404.75 million of notes in the Golub Capital Partners CLO 22 (B) Ltd./Golub Capital Partners CLO 22 (B) LLC offering via J.P. Morgan Securities LLC.

Market analysts forecast as much as $120 billion of CLO issuance in 2015.

3i Debt Management plans to price $759.8 million of notes due 2027 in the Jamestown CLO VI Ltd./Jamestown CLO VI Corp. transaction, according to a market source.

Citigroup Global Markets Inc. is the placement agent.

The New York City-based investment manager is a subsidiary of London-based 3i Group plc.

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