Carlyle prices $611.55 million CLO; new supply slows; refinancing action continues

By Cristal Cody

Tupelo, Miss., Aug. 14 – Carlyle CLO Management LLC priced $611.55 million of notes in the firm’s fourth new CLO offering of the year.

New issue supply has been steady, “although volume has seemingly dialed down a bit over the past couple of weeks being in the midst of summer,” according to a BofA Merrill Lynch research note released on Tuesday.

Meanwhile, CLO refinancing action continues to see a brisk pace with six vintage CLOs repricing last week, according to the note.

More than $68 billion of new CLOs have priced, while nearly $80 billion of vintage deals have been refinanced year to date, the note said.

Carlyle prints 2018-2 CLO

Carlyle CLO Management priced $611.55 million of notes due Oct. 15, 2031 in the Carlyle U.S. CLO 2018-2 Ltd./Carlyle U.S. CLO 2018-2 LLC transaction, according to a market source.

The CLO sold $375 million of class A-1 floating-rate notes at Libor plus 109 basis points at the top of the capital structure.

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

Carlyle has priced four new dollar-denominated CLOs year to date.

The CLO manager sold two new U.S. CLOs and refinanced five vintage U.S. CLOs in 2017.

The asset management firm is an affiliate of Washington, D.C.-based Carlyle Group.

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