Owl Rock, Madison Capital tap CLO middle market; BlackRock prices €408.5 million CLO

By Cristal Cody

Tupelo, Miss., May 23 – Owl Rock Capital Advisors LLC priced $597.1 million of notes in the company’s debut middle-market backed CLO transaction.

Madison Capital Funding LLC also tapped the middle market for the first time this year with a new $300.78 million CLO deal.

In other primary action, BlackRock Investment Management (UK) Ltd. priced €408.5 million of notes in a European CLO transaction set to close in June.

In its deal, Owl Rock Capital Advisors priced $597.1 million of notes due May 20, 2031 in the middle-market backed CLO transaction, according to market sources.

Owl Rock CLO I, Ltd./Owl Rock CLO I, LLC sold $242 million of the class A floating-rate notes at Libor plus 180 basis points, $50 million of class A-L loans at Libor plus 180 bps and $30 million of 4.17% class A-F fixed-rate notes at the top of the stack.

Meanwhile, Madison Capital Funding priced $300.78 million of loans and notes due July 17, 2031 in its CLO offering, according to an informed source.

At the top of the capital structure, MCF CLO IX Ltd. sold $105 million of class A-1 floating-rate notes at Libor plus 170 bps, $50 million of class A-1 loans at Libor plus 170 bps and $20 million of class A-2 floating-rate notes at Libor plus 195 bps.

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