Ares, Och-Ziff, Hayfin, Partners Group, Mariner tap primary; Redding Ridge prints CLO

By Cristal Cody

Tupelo, Miss., April 9 – Ares Management LLC priced $589.3 million of notes in its third new dollar-denominated CLO transaction of the year.

Other CLO managers also have priced their first deals of the year.

Och-Ziff Loan Management LP sold $505.43 million of notes.

Hayfin Capital Management LLC brought a $500.5 million CLO to the primary market in its first dollar issuance in 2019.

Partners Group US Management CLO LLC sold $481.8 million of notes.

Mariner Investment Group, LLC priced a $405.9 million CLO.

Also, details emerged on Redding Ridge Asset Management (UK) LLP’s €451.83 million debut euro-denominated broadly syndicated CLO offering.

Year to date, about $30 billion of dollar-denominated CLOs and nearly €7 billion of euro-denominated CLOs have priced, according to market sources.

Ares prices LIII CLO

Ares Management priced $589.3 million of notes due April 24, 2031 in the Ares LIII CLO Ltd./Ares LIII CLO LLC transaction, according to a market source.

In the senior tranches, the CLO sold $351 million of class A-1 senior floating-rate notes at Libor plus 133 basis points, $29.3 million of class A-2 senior floating-rate notes at Libor plus 165 bps and $55.6 million of class B senior floating-rate notes at Libor plus 188 bps.

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

The deal is backed primarily by broadly syndicated senior secured corporate loans.

Ares Management is an alternative asset management firm based in Los Angeles.

Och-Ziff taps market

Och-Ziff Loan Management priced $505,425,000 of notes due April 14, 2032 in a new CLO transaction, according to a market source.

OZLM XXIII, Ltd./OZLM XXIII, LLC sold $320 million of class A floating-rate notes at Libor plus 147 bps in the AAA-rated tranche.

Morgan Stanley & Co. LLC arranged the deal.

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

Och-Ziff is an affiliate of New York City-based alternative asset management Och-Ziff Capital Management Group LLC.

Hayfin places CLO

Hayfin Capital Management sold $500.5 million of securities due April 28, 2031 in a new broadly syndicated CLO deal, according to market sources.

Hayfin Kingsland X, Ltd./Hayfin Kingsland X, LLC priced $320 million of class A loans at Libor plus 146 bps, $51.25 million of class B-1 senior secured floating-rate notes at Libor plus 225 bps and $7.5 million of 4.671% class B-2 senior secured fixed-rate notes.

BNP Paribas Securities Corp. was the placement agent.

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

Hayfin Capital Management is part of London-based alternative asset management firm Hayfin Capital Management LLP.

The London firm merged with New York-based CLO manager Kingsland Capital Management, LLC in 2018.

Pikes Peak CLO 3 prints

Partners Group US Management priced $481.8 million of notes in a new broadly syndicated CLO offering, according to market sources.

Pikes Peak CLO 3, Ltd. sold $304 million of the class A floating-rate notes at Libor plus 143 bps.

Credit Suisse Securities (USA) LLC was the placement agent.

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

The global private markets investment management firm has U.S. offices in Denver, New York and Houston.

Mariner sells $405.9 million

Mariner Investment Group priced a $405.9 million broadly syndicated CLO transaction, according to a market source.

At the top of the capital stack, Mariner CLO 7 Ltd./Mariner CLO 7 LLC sold $224 million of class A loans at Libor plus 150 bps, $40 million of class A floating-rate notes at Libor plus 150 bps and $40 million of class B floating-rate notes at Libor plus 200 bps.

Citigroup Global Markets Inc. was the placement agent.

The securities have an April 30, 2032 maturity.

Mariner Investment Group is an alternative asset management firm based in New York City.

Redding Ridge sells RR 1

Redding Ridge Asset Management (UK) priced €451.83 million of notes due April 15, 2032 in a euro-denominated CLO offering, according to details from a market source.

In the senior secured tranches, RRE 1 Loan Management DAC sold €252 million of the class A-1 floating-rate notes at par to yield Euribor plus 109 bps, €9 million of class A-2 floating-rate notes at par to yield Euribor plus 135 bps and €45 million of class B floating-rate notes at par to yield Euribor plus 185 bps.

BNP Paribas Securities Corp. was the placement agent.

The notes are collateralized primarily by broadly syndicated first-lien senior secured loans and senior secured bonds.

The London-based CLO manager is part of Redding Ridge Asset Management, LLC, which priced two new dollar-denominated CLOs in 2018.

The New York City-based asset management company was established in 2016 by Apollo Global Management, LLC.

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