Citigroup is marketing a $655.4 million CLO for the Carlyle Group.

The deal, Carlyle Global Market Strategies CLO-2012-3, includes a $391 million senior tranche rated triple-A by both Moody’s Investors Service and Standard & Poor’s.

Preliminary pricing on the tranche was for Libor plus 141 basis points, according to S&P. That is at the low end of recent transactions.

A $52.5 million 'AA'-rated tranche was priced at Libor plus 225 basis points, a $49.9 million 'A'-rated tranche at Libor plus 350 basis points, a $29.5 'BBB'-rated tranche at Libor plus 350 basis points, and a $33 million 'BB'-rated tranche at Libor plus 550 basis pointss, according to S&P. The deal also includes a $99 million, 'AA'-rated tranche for which pricing was not available and a $59.46 million tranche of unrated subordinated notes.

As of Sept. 20, when both rating agencies published presale reports, the manager had yet to acquire any of the assets

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