Brigade prices $611.5 million CLO; Antares closes on third CLO, retains equity tranche

By Cristal Cody

Tupelo, Miss., May 16 – In the new issue market, Brigade Capital Management, LLC priced a $611.5 million broadly syndicated CLO offering that closed Wednesday.

In other deal action, the $707.1 million Antares CLO 2018-1, Ltd./Antares CLO 2018-1, LLC middle-market transaction also closed, according to a news release on Wednesday from Antares Capital Advisers LLC.

In the previously reported offering placed April 4, the CLO sold the $399 million tranche of class A floating-rate notes at Libor plus 125 basis points.

The deal represents the third CLO issued by Antares, a subsidiary of Antares Capital LP, and brings the company’s total CLO assets under management to about $4 billion.

“With the successful close of our third CLO within 12 months, we are very pleased with the reception we continue to receive from the market,” Vivek Mathew, head of asset management and funding for Antares, said in the release.

Brigade Capital Management priced $611.5 million of notes due May 19, 2031 in the Battalion CLO XII Ltd./Battalion CLO XII LLC offering, according to a market source.

Battalion CLO XII sold $359 million of class A-1 senior secured floating-rate notes at Libor plus 107 bps in the senior tranche.

Morgan Stanley & Co. LLC was the placement agent.

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

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