Goldman Prices Fidelity's Ballyrock CLO

Goldman Sachs has priced the notes backing Fidelity Investments' second collateralized loan obligation, according to a CDO source. The $400 million Fidelity CLO is called Ballyrock CDO II. A banker familiar with the deal said the $290 million Aaa/AAA notes were priced at LIBOR plus 53 basis points, which is well within levels seen on deals in the last few months. He noted there was decent demand for the manager and increasing the size of the CLO was a consideration. Officials at Goldman and Fidelity declined comment.

Last year Goldman underwrote Ballyrock CDO I, a $400 million CLO (LMW, 1/02). Goldman is also leading a $300 million deal called Galaxy 2003 for insurance giant AIG (8/31). The banker said this CLO likely to price at the end of November or beginning of December.