CDOs

The initial portfolio for the $601.7 million deal features high exposure to lower-rated single-B loans, though that will likely drop when it is fully ramped.

The transaction is the fourth by the New York-based affiliate of Hayfin Capital Management since its merger with the U.K. asset manager.

Investors who do not consent to proposed changes in the terms of the $655.9 million Magnetite XXII must sell their bonds (at full par) to the money manager.

The New York-based CLO management firm also plans to change its name to reflect its parent firm, Vibrant Capital Partners.

The CLO manager has priced a reissued CLO at spreads signficantly higher than rates paid since a 2017 limited refinancing.

Dryden 36 Senior Loan Fund, originally issued in 2014 and previously refinanced in December 2016, is also being upsized, to $712.9 million.

The $410 million Maranon Loan Funding 2019-1 will be backed by assets initially included in a December 2016 transaction.

Ares' transaction priced at spreads similar to its prior deal in February but wide of its initial 2019 transaction in January; Golub beat the spread of its prior BSL CLO, in February.

These deals offer clear benefits for managers looking to lower funding costs; a survey from JPMorgan indicates investors have their own reasons for liking them.

THL Credit is marketing its first middle-market CLO in a $410.5 million portfolio backed by receivables from its direct-lending originations.