By Rebecca Melvin
New York, Feb. 4 – Carlyle Group LP priced a €500 million European collateralized loan obligation in a private placement deal, according to informed sources on Wednesday.
Carlyle Global Market Strategies Euro CLO 2015-1, Ltd. sold €273.5 million of class A-1A senior secured floating-rate notes (/AAA/) at Euribor plus 125 basis points at the top of the capital structure.
The CLO also priced €5 million of class A-1B senior secured fixed-rate notes (/AAA/) at 1.64%; €53.9 million of class A-2A senior secured deferrable floating-rate notes (/AA/) at Euribor plus 210 bps; €12 million of class A-2B senior secured fixed-rate notes (/AA/) at 2.54%; €28.6 million of class B senior secured deferrable floating-rate notes (/A/) at Euribor plus 300 bps; €27.6 million of class C senior secured deferrable floating-rate notes (/BBB/) at Euribor plus 390 bps; €28.6 million of class D senior secured deferrable floating-rate notes (/BB/) at Euribor plus 535 bps; €16.8 million of class E senior secured deferrable floating-rate notes (/B-/) at Euribor plus 745 bps and €54 million of subordinated notes.
Barclays Bank plc arranged the transaction.
CELF Advisors LLP, a member of the Carlyle Group, will manage the CLO, which is backed primarily by broadly syndicated senior secured loans granted to speculative-grade European corporates.
The notes are due in April 2029.
The non-call period is set to end in 2017, and the reinvestment period is scheduled to end in 2019.
Washington, D.C.-based Carlyle Group brought one European CLO in 2014. The firm sold the €375 million Carlyle Global Market Strategies Euro CLO 2014-1 BV deal on Feb. 24, 2014.
| Issuer: | Carlyle Global Market Strategies Euro CLO 2015-1, Ltd.
|
| Amount: | €500 million
|
| Maturity: | April 2029
|
| Securities: | Floating-rate, fixed rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays Bank plc
|
| Manager: | CELF Advisors LLP
|
| Call feature: | 2017
|
| Pricing date: | Feb. 4
|
| Settlement date: | March 2015
|
| Distribution: | Private placement
|
|
|
| Class A-1A
|
| Amount: | €273.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 125 bps
|
| Rating: | Standard & Poor’s: AAA
|
|
|
| Class A-1B
|
| Amount: | €5 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.64%
|
| Rating: | Standard & Poor’s: AAA
|
|
|
| Class A-2A
|
| Amount: | €53.9 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 210 bps
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class A-2B
|
| Amount: | €12 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.54%
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class B
|
| Amount: | €28.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 300 bps
|
| Rating: | Standard & Poor’s: A
|
|
|
| Class C
|
| Amount: | €27.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 390 bps
|
| Rating: | Standard & Poor’s: BBB
|
|
|
| Class D
|
| Amount: | €28.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 535 bps
|
| Rating: | Standard & Poor’s: BB
|
|
|
| Class E
|
| Amount: | €16.8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 745 bps
|
| Rating: | Standard & Poor’s: B-
|
|
|
| Equity tranche
|
| Amount: | €54 million of subordinated notes
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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