Middle-market CLO supply tops $6 billion; Maranon Capital prices $625.38 million deal

By Cristal Cody

Tupelo, Miss., May 4 – The CLO middle-market space remains active with more than $6 billion of new supply year to date, according to market sources on Friday.

Maranon Capital, LP closed on a new $625.38 million middle-market deal.

In 2017, middle-market CLO managers priced more than $14 billion of new CLOs, according to market sources.

In other activity, secondary market action remained active on Thursday with $115.45 million of high-grade issues and $215.47 million of lower-rated CBO/CDO/CLO issues traded, according to Trace data.

Securitized secondary trading volume on Wednesday included $147.89 million of investment-grade securities and $186.51 million of non-high-grade issues.

Maranon sells CLO

Maranon Capital priced $625.38 million of notes due April 15, 2030 in the middle-market offering, according to a market source.

Maranon Loan Funding 2018-1 Ltd./Maranon Loan Funding 2018-1 LLC sold $319 million of class A-1 floating-rate notes at Libor plus 147 basis points in the senior tranche.

Wells Fargo Securities LLC was the placement agent.

Maranon Management LLC will manage the CLO.

The transaction is collateralized primarily by middle-market senior secured loans.

The Chicago-based investment management firm provides middle-market financing services.

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