Octagon, Voya, Palmer Square, Fortress price CLOs; Owl Rock brings middle-market deal

By Cristal Cody

Tupelo, Miss., Nov. 2 – CLO supply picked up ahead of the U.S. presidential election with several issuers pricing new broadly syndicated and middle-market deals.

Octagon Credit Investors, LLC sold $405.2 million of notes in its latest broadly syndicated CLO offering.

Voya Alternative Asset Management LLC priced $400.7 million of notes in a broadly syndicated CLO.

Palmer Square Capital Management LLC brought $398.85 million of notes it its fourth dollar-denominated CLO transaction of 2020.

Fortress Investment Group LLC tapped the primary market with $397.42 million of notes in the manager’s first broadly syndicated CLO deal of the year.

In addition, Owl Rock Capital Advisors LLC priced $341.5 million of notes in the manager’s third middle-market CLO offering year to date.

In other activity, PPM America, Inc. announced it closed Friday on its previously reported $354.1 million broadly syndicated PPM CLO 4, Ltd. offering in the firm’s first new issue of the year.

PPM Loan Management Co., LLC is the CLO manager.

The CLO had priced $210 million of class A-1 floating-rate notes at Libor plus 142 basis points at the top of the capital stack.

About $70 billion of dollar-denominated broadly syndicated CLOs and more than $6 billion of middle-market CLOs have priced year to date, sources report.

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