Wells Fargo prices $587M Cerberus MM static CLO

Wells Fargo has priced the $587.22 million Cerberus Loan Funding XXXVI middle-market CLO, a static deal with a one-year non-call period.

Deal terms are as follows:

The triple-A coupon is L+140 on the $312.5 million class A notes tranche, which has a one-year weighted average life test.

The transaction, expected to settle Nov. 22, marks the fourth middle-market CLO issued this year by Cerberus Business Finance LLC.

Market sources note the deal is compliant with European risk-retention standards.