By Cristal Cody
Tupelo, Miss., July 18 – CELF Advisors LLP priced €410.25 million of notes due Aug. 28, 2031 in a new euro-denominated collateralized loan obligation deal, according to a market source.
Carlyle Euro CLO 2018-2 DAC sold €2 million of class X senior secured floating-rate notes (Aaa//AAA) at Euribor plus 50 basis points, €232 million of class A-1A senior secured floating-rate notes (Aaa//AAA) at Euribor plus 80 bps, €16 million of class A-1B senior secured floating-rate notes (Aaa//AAA) at Euribor plus 95 bps, €7,868,000 of class A-2A senior secured floating-rate notes (Aa2//AA) at Euribor plus 160 bps, €20 million of 2.05% class A-2B senior secured fixed-rate notes (Aa2//AA) and €12,632,000 of class A-2C senior secured floating-rate notes (Aa2//AA) at Euribor plus 192 bps.
The CLO also priced €7,802,000 of class B-1 senior secured deferrable floating-rate notes (A2//A) at Euribor plus 210 bps, €18,948,000 of class B-2 senior secured deferrable floating-rate notes (A2//A) at Euribor plus 242 bps, €20 million of class C senior secured deferrable floating-rate notes (Baa2//BBB) at Euribor plus 320 bps, €25.75 million of class D senior secured deferrable floating-rate notes (Ba2//BB) at Euribor plus 523 bps, €12 million of class E senior secured deferrable floating-rate notes (B2//B-) at Euribor plus 840 bps and €35.25 million of subordinated notes.
Deutsche Bank AG, London Branch was the placement agent.
CELF Advisors will manage the CLO.
The CLO has a two-year non-call period and a four-year reinvestment period.
The transaction is backed primarily by senior secured loans and senior secured bonds.
CELF Advisors has priced two new European CLOs and refinanced one vintage euro CLO year to date.
London-based CELF is part of the Washington, D.C.-based Carlyle Group LP.
| Issuer: | Carlyle Euro CLO 2018-2 DAC
|
| Amount: | €410.25 million
|
| Maturity: | Aug. 28, 2031
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Deutsche Bank AG, London Branch
|
| Manager: | CELF Advisors LLP
|
| Call feature: | Two years
|
| Pricing date: | July 9
|
| Settlement date: | Aug. 30
|
|
|
| Class X notes
|
| Amount: | €2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 50 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-1A notes
|
| Amount: | €232 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 80 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-1B notes
|
| Amount: | €16 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 95 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AA
|
|
|
| Class A-2A notes
|
| Amount: | €7,6868,000
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 160 bps
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class A-2B notes
|
| Amount: | €20 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.05%
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class A-2C notes
|
| Amount: | €12,632,000
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 192 bps
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class B-1 notes
|
| Amount: | €7,802,000
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 210 bps
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class B-2 notes
|
| Amount: | €18,948,000
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 242 bps
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class C notes
|
| Amount: | €20 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 320 bps
|
| Ratings: | Moody’s: Baa2
|
| Fitch: BBB
|
|
|
| Class D notes
|
| Amount: | €25.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 523 bps
|
| Ratings: | Moody’s: Ba2
|
| Fitch: BB
|
|
|
| Class E notes
|
| Amount: | €12 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 840 bps
|
| Ratings: | Moody’s: B2
|
| Fitch: B-
|
|
|
| Equity
|
| Amount: | €35.25 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
