Bain Capital sells €361.3 million; Carlyle 2016 Euro CLO reset; supply forecast eyed

By Cristal Cody

Tupelo, Miss., April 30 – European CLO new issue and refinancing action remains steady, according to sources on Monday.

Bain Capital Credit, Ltd. priced €361.3 million of notes in a new deal.

CELF Advisors LLP refinanced €448.6 million of notes from a 2016 CLO.

On Friday, Partners Group (UK) Management Ltd. priced the €413.2 million new Penta CLO 4 DAC transaction.

The European CLO primary market is expected to remain active “with issuance conditions generally looking attractive for managers,” BofA Merrill Lynch analysts said in a note released on Monday.

More than €9 billion of new issue euro-denominated CLOs have priced year to date, compared to €4.5 billion in the same time period in 2017, according to the note.

About €22 billion to €25 billion of new European CLO supply is forecast for the year, the BofA Merrill Lync analysts said.

Bain Capital sells CLO

Bain Capital Credit priced €361.3 million of notes due 2032 in the Bain Capital Euro CLO 2018-1 DAC transaction, according to market sources on Monday.

The CLO sold €207.6 million of class A senior secured floating-rate notes at Euribor plus 78 basis points in the AAA-rated tranche.

J.P. Morgan Securities plc was the placement agent.

Bain Capital, a Boston-based asset management firm, is a subsidiary of Bain Capital LP.

CELF reprices €448.6 million

CELF Advisors refinanced €448.6 million of notes from Carlyle Global Market Strategies Euro CLO 2016-1 DAC, according to a market source and a notice to noteholders on Monday.

Carlyle Global Market Strategies Euro CLO 2016-1 priced the €269.7 million of class A-1-R senior secured floating-rate notes at Euribor plus 74.5 bps.

Citigroup Global Markets Ltd. arranged the offering.

The maturity on the refinanced notes was extended to May 2031 from the original May 2029 maturity.

The original €410 million Carlyle Global Market Strategies Euro CLO 2016-1 deal was issued May 17, 2016. The CLO placed €246 million of the class A-1 senior secured floating-rate notes at Euribor plus 150 bps.

London-based CELF is part of the Washington, D.C.-based Carlyle Group LP.

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