PPM prices $402.75 million CLO; Aegon taps market; CIFC prices $605.4 million issue

By Cristal Cody

Tupelo, Miss., May 8 – PPM Loan Management Co., LLC priced a $402.75 million broadly syndicated CLO offering on Friday.

In other primary action, Aegon USA Investment Management LLC sold $479 million of notes in a new CLO.

Also, CIFC CLO Management II LLC priced a $605.4 million CLO transaction.

About $40 billion of broadly syndicated CLOs have priced year to date, according to market sources.

In its deal, PPM Loan Management priced $402.75 million of notes due July 17, 2030 in a new CLO transaction on Friday, according to market sources.

PPM CLO 3, Ltd. sold $256 million of class A floating-rate notes at Libor plus 140 basis points in the AAA-rated tranche.

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

Meanwhile, Aegon USA Investment Management priced $479 million of notes due May 29, 2032 in the Cedar Funding XI CLO Ltd./Cedar Funding XI CLO LLC transaction, according to a market source.

At the top of the capital stack, the CLO sold $190 million of class A-1A floating-rate notes at Libor plus 135 bps, $50 million of 3.74% class A-1F fixed-rate notes and $20 million of class A-2 floating-rate notes at Libor plus 170 bps.

Jefferies LLC arranged the transaction.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.