Elmwood prices $1 billion; Antares sells middle-market CLO; Carlyle brings reprint

By Cristal Cody

Tupelo, Miss., April 12 – Elmwood Asset Management LLC priced $1 billion of notes in the largest reported broadly syndicated CLO offering in the primary market year to date.

The deal is Elmwood’s second new issue transaction in 2019.

In the middle-market space, Antares Capital Advisers LLC priced a $505.34 million CLO in its first transaction of the year.

Elsewhere, Carlyle CLO Management LLC returned to the market to price $553.3 million of notes in a second refinancing of a vintage 2012 transaction. The CLO was first refinanced in 2016.

In other activity, outflows from leveraged loans widened to $610 million for the week ended April 10 from $460 million in the prior week, according to a BofA Merrill Lynch report released on Friday.

In its deal, Elmwood Asset Management priced $1,003,200,000 of notes due April 20, 2031 in the Elmwood CLO II Ltd. broadly syndicated CLO transaction, according to market sources.

The CLO sold $640 million of class A floating-rate notes at Libor plus 145 basis points in the senior tranche.

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

The transaction is backed primarily by broadly syndicated first-lien senior secured loans.

The CLO manager has priced two new CLOs year to date.

Elwood Asset Management is a New York-based hedge fund created in 2018.

© 2015 Prospect News.
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