Steele Creek brings manager’s second deal, prices $406.3 million CLO; AXA places CLO

By Cristal Cody

Tupelo, Miss., July 31 – Steele Creek Investment Management LLC priced $406.3 million of notes in the manager’s second new CLO deal of the year.

The CLO manager on average has priced one CLO deal a year since 2014. Steele Creek Investment Management’s last CLO offering closed on Dec. 14, 2017.

In new European CLO issuance, AXA Investment Managers, Inc. priced a €412.7 million deal in the firm’s first euro-denominated offering of the year. AXA priced one new euro CLO in 2017, one CLO in 2016 and one offering in 2015.

In its deal, Steele Creek Investment Management priced $406.3 million of notes due Aug. 18, 2031 in the transaction, according to a market source.

Steele Creek CLO 2018-2 Ltd./Steele Creek CLO 2018-2, LLC sold $256 million of class A floating-rate notes at a discount margin of Libor plus 124 basis points in the AAA-rated tranche.

Barclays was the placement agent.

The issue is collateralized entirely by broadly syndicated first-lien senior secured loans.

Separately, AXA Investment Managers priced €412.7 million of notes due October 2031 in its euro-denominated CLO transaction, according to a market source.

Adagio VII CLO DAC sold €248 million of class A senior secured floating-rate notes at Euribor plus 92 bps at the top of the capital stack.

Goldman Sachs International was the placement agent.

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