BlackRock, Benefit Street, Invesco, Pimco price CLOs; AB Private taps middle market

By Cristal Cody

Tupelo, Miss., Dec. 15 – Several more issuers tapped the broadly syndicated and middle-market CLO primary markets before the year closes.

BlackRock Financial Management, Inc. sold $456.5 million of notes in the manager’s fourth broadly syndicated CLO offering of 2020.

Benefit Street Partners LLC priced $404.7 million of notes in the manager’s third new broadly syndicated CLO offering of the year.

In addition, Invesco Senior Secured Management, Inc. priced $408 million of notes in the manager’s first dollar-denominated broadly syndicated CLO transaction this year.

Meanwhile, Pacific Investment Management Co. LLC priced $404.3 million of notes in its first post financial-crisis CLO offering.

In the middle-market space, AB Private Credit Investors LLC priced $346.75 million of notes. The deal is the manager’s third middle-market CLO offering of the year.

More than $7 billion of CLOs have priced month to date, including $6.6 billion of new issues and $700 million of refinancings, as well as €1.7 billion of euro-denominated CLOs, according to a J.P. Morgan Securities LLC research note released on Tuesday.

New issue volume year to date includes more than $83 billion of dollar-denominated CLOs, more than €22 billion of euro-denominated CLOs and about $8 billion of middle-market CLOs, market sources report.

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